A chapter 13 bankruptcy in Marietta is typically the last option on a long line of potential pathways. It is not the first place any sole proprietorship is looking to go, but it is often the ending to a long battle. Through this battle, owners can lose various assets that are used in the business.
If it was owned by the individual, it is a potential casualty of a chapter 13 bankruptcy. Because a bankruptcy is often the last straw and the final decision in a long spiraling path, some owners may lose assets while they are falling towards bankruptcy. In some cases, it could be possible to get those assets back.
The Top Three Goals in Chapter 13
A chapter 13 bankruptcy in Marietta is not the entire dissolution of the company. It is a restructuring of the firm that could put it in a position of prosperity. It is a stasis of sorts. The company restructures assets, consolidates debt, and downsizes areas of expenses to keep the business alive. This makes up the top three goals of chapter 13. In summation, it is:
* Restructuring the sole proprietorship infrastructure in its assets and liabilities.
* Consolidates debt, so there are fewer debt channels going to more places.
* Unload bloated liabilities in debt.
The small business will not thrive during this period. It will continue to operate, but potentially in a much-diminished form. Interestingly, some company owners could be put in a position where they are repossessing various assets that they lost or have put elsewhere.
How Repossession Works
The truth in a bankruptcy is that debtors want to pay back various debts that they owe. If these debts are paid, the bankruptcy is thwarted. The basic idea is that lenders can be paid back if the business can be profitable. If the business succeeds, then the lenders succeed. A business asset will help the business.
In this approach, it is sometimes common for parties to approve the repossession of an asset in one form or another if it helps the business prosper and pay back debts. This can move a chapter 7 into the chapter 13 territory, and keep the business alive. Visit website for more on building a bankruptcy and earning assets back.
