Will your small business bankruptcy drive you into personal bankruptcy?

When small businesses file for bankruptcy, their owners’ personal assets are typically protected from creditors. The filing typically freezes or erases creditors’ claims on the business’s assets.

However, if the owner is liable for the businesses debts, then the owner’s personal assets may be used to pay off certain obligations. When this occurs, the owner may also be driven into personal bankruptcy. While this unfortunate result is rare, it can often be damaging to an individual’s finances.

If you have questions about your small business bankruptcy filing,  contact the Birmingham bankruptcy attorneys of Paula Greenway at (205) 324-4000. 

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.