Business Bankruptcy vs Personal Bankruptcy in Orlando.
As an Orlando Bankruptcy Attorney Potential clients call me and say: “I need to file for business bankruptcy.”
But after speaking with them, it is usually a personal bankruptcy that is needed, and the business bankruptcy is unnecessary.
“But President Trump filed business bankruptcy? Why can’t I?”
Unfortunately, whether it was the President’s company, or another company like General Motors, the typical client who walks in my door is not a major corporation.
Major corporations do not have to sign anything personally when they take out credit. The president of General Motors does not obligate himself personally when they buy land with a mortgage, lease an office location, or obtain credit for the company.
But you and I do. When I sign an office lease, I have to sign for the corporation and personally. If I get a business credit card, like you, I have to sign personally.
That means if I don’t pay, or the corporation doesn’t pay, the creditor can come after the corporation or me personally. Their choice, or both.
Most small businesses like you and I don’t own anything corporate that is worth taking. I am a typical law firm. I have some desks, a few computers, some chairs, some filing cabinets, and some pictures on the wall…. worthless.
The credit card company doesn’t want that if I default.
So they sue me personally.
That is why if your small business is in trouble, you likely need a personal bankruptcy, rather than a business bankruptcy.
At Lewis Roberts, PA, I offer a hands-on approach for my clients, putting more than 20 years of experience to work for you. I am a Florida bankruptcy lawyer offering bankruptcy and student loan options for Orlando and Altamonte Springs residents. Contact me to schedule an appointment at my office located at 631 Palm Springs Dr, Altamonte Springs or call 407-749-0080 and let’s talk about how I can help you.