Business Bankruptcy

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Types of Business Bankruptcy in Washington State

Whether you are a sole proprietor struggling with a business in your name, or you are the owner of a partnership, corporation, or LLC with debt that may have been personally guaranteed, Seattle Consumer Justice is here to assist. We may be able to help you get your business back on its feet, buy time to complete a sale of assets or of the company itself, or provide you with a fresh start.

We handle all the following bankruptcy cases for business owners in Seattle:

  • Chapter 7. Otherwise known as liquidation bankruptcy, Chapter 7 allows business owners to discharge most or all debt by liquidating their assets. You will not retain ownership over your business, but you can achieve the new financial beginning you need.
  • Chapter 13. Chapter 13 allows people to reorganize debt into manageable 3-5-year repayment plans. Because they are personally responsible for their business debts, sole proprietors are the only business owners who can file Chapter 13 bankruptcy. Owners of LLCs, corporations, and partnerships will need to liquidate through Chapter 7 or restructure through Chapter 11 or 12.
  • Chapter 12. Chapter 12 is another form of debt restructuring, but only qualified family farmers and fishermen can file. As with Chapter 13 and 11, the farmer or fisherman must use all disposable income to make payments in 3-5 years.

For business owners, bankruptcy can provide the crucial opportunity to reorganize these debts and present a plan that will pay key creditors while discharging others. No matter which chapter you choose, bankruptcy will trigger an automatic stay, which prevents collection activities such as foreclosures, evictions, and lawsuits.

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  • “It is my belief that we came out way ahead of the game but we owe the success to Jacob.”
    “Jacob very clearly explained the course of action we should take and held our hand through the very scary process of the bankruptcy nightmare.”
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    “She knows the ins and outs of all types of bankruptcy, listens to your personal situation, and lays out the options for you.”
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  • “Jacob successfully took over our Chapter 11 bankruptcy case.”
    “His professional attitude and calm and efficient demeanor guided us through what could have been a much more agonizing process. He and his staff worked out a settlement which was actually better than my most optimistic expectation.”
    - Jerry
  • “Jacob was very knowledgeable and very nice to work with on my case.”
    “He always kept me informed of what was going on and what to expect. My case was not anything easy by far and Jacob and his team worked really hard to win my case for me.”
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  • “He really cared about getting me the best outcome given my financial situation.”
    “Jacob treated my case with professionalism and knowledge of the law. He made the process understandable and had the patience to explain the information in terms I could understand.”
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  • “I attribute my survival from this tough time to her ability and her personal involvement on my behalf.”
    “When I, and my company, were struggling financially and about to go under, she showed me options I never knew I had, and then she followed through and protected me so that I ultimately did not have to declare bankruptcy.”
    - Previous Client
  • “I would recommend Christine Latta to any of my friends and family.”
    “We were very concerned about resolving this matter in a short period, and she adhered to our needs by expediting this case within our thin margin of time that we had.”
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    “He is not an income-driven attorney, but an attorney that gives great value and caring as his greatest assets. He works hard to get his clients the best result possible!”
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