Part 2: Atlanta Bankruptcy Attorneys Clark and Washington Discuss Filing Chapter 13 for Your Small Business

    ATLANTA, GA, May 29, 2015 /24-7PressRelease/ -- Corporations are not eligible to file for Chapter 13 bankruptcy as only individuals can file for this. There is, however, an exception to this general rule. According to the expert Atlanta bankruptcy lawyers at Clark & Washington, your business can file for Chapter 13 bankruptcy if it is a sole proprietorship. The assets of a sole proprietorship are really just extensions of your personal possessions, so you can include them in your filing for Chapter 13 bankruptcy. Certain partnerships are also eligible to file for Chapter 13 bankruptcy.

If you can show that you are personally liable for the debts of a corporation or a limited liability company, you may be able to include its debts in your Chapter 13 filing. This is usually the case if you personally guaranteed a business loan for a company that is a separate business entity.

When you file for Chapter 13 for your business, non-priority unsecured business debts (such as credit cards) are discharged upon successful filing. This means the creditors can no longer collect on the loan from you or your business. On the other hand, priority debts (such as taxes) must be paid off in the repayment plan.

If a debt was incurred because you co-signed a business loan, only the amount for which you are personally liable may be discharged in a Chapter 13 filing. The creditors can still go after the other assets of the business not tied to the loan you co-signed.

Don't file for bankruptcy in Atlanta without expert guidance and sound advice. The bankruptcy lawyers at Clark & Washington have the experience and training you want working for you when you file for any type of bankruptcy. Call today for a free initial consultation.

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.

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