Part 1: Atlanta Attorneys Clark and Washington Put Together a General Bankruptcy Guide for Business Owners

    ATLANTA, GA, May 22, 2015 /24-7PressRelease/ -- The kind of business you have in part determines the type of bankruptcy for which you can apply. Long-time Atlanta bankruptcy attorneys Clark & Washington note that corporations and partnerships are legal entities that exist independently of their shareholder or partners. As such, they can file for bankruptcy on their own.

Keep in mind, however, that if you have a partnership, the bankruptcy trustee can still sue you and your partners if the partnership assets do not cover the debts. Proprietorships cannot file for bankruptcy in their own right since they are really just extensions of the owners' assets.

Filing for bankruptcy can give you the breathing space you need to free up cash or liquidate assets as well as to reorganize or sell the business. In a Chapter 11 or 13 filing, the lender has a right to the value of the property and the items contained therein at the time of the filing. Proceeds from their sale goes toward paying the debt that is owed to them by the debtor. The debtor cannot use the cash raised from the sale of the business without the lender's knowledge or permission.

Secured debts are computed separately from unsecured debts in determining your eligibility to file for Chapter 13 bankruptcy. Most secured bank loans give the lender a blanket security interest in the borrower's personal property. This can include intellectual property and accounts receivable.

Let the bankruptcy experts at Clark & Washington help you file for b the right way. Their experience and knowledge in this legal field is your best assurance of a thorough and fair bankruptcy filing.

To learn more about their services, go to http://www.cw13.com.

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.cw13.com.

# # #