Small Business Debt

Plenty of people have the dream to become an entrepreneur and own a small business. Unfortunately, however, those who accumulate a great a deal of debt in order to have the business didn’t realize the consequences of having that debt that would lead into many years in the future.

Many small business debtors have delayed consulting with a knowledgeable bankruptcy attorney until the problems have gotten significant, meaning that their options are very limited. Although there are potential opportunities to file for Chapter 7 and Chapter 11 for the small business, there could be spillover proceedings necessary from personal bankruptcy protection through Chapter 7 or Chapter 13.

All businesses regardless of size carry a degree of risk but it is important for business owners to consider various pros and cons before incurring any debt, including asking the following questions:

If the business becomes unable to pay all of their obligations, what are the risks and impact to the owner of failing to pay any particular debt?
Are there access opportunities to legal and accounting professionals who can provide better information about the legal and financial impact of taking out a line of credit or other debt?
Is mine the type of company that requires credit to operate? Businesses where revenue streams are not consistent but expenses are consistent are the ones most likely to need access to credit.

If you are currently a small business owner experiencing significant debt problems, it is in your best interests to schedule a consultation with a lawyer sooner rather than later. While it can be difficult to come to the realization that your financial problems are significant and require insight from an experienced attorney, being able to talk to someone who will understand these issues and assist you with the process is strongly recommended. Do you need to know more about getting a financial fresh start? Contact the Law Office of Joel R. Spivack at 856-488-1200 or by filling out our convenient online contact form to get started today.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney/client relationship. If you are seeking legal advice, please contact our law firm directly.

Our Client Reviews on Google

Results may vary depending on your particular facts and legal circumstances.

Destiny Waller

2022-03-06

Very grateful that we hired Joel for our home purchase! He was extremely professional and made the process smooth sailing. He always responded to our questions same-day and was happy to explain the process to us several times (which we definitely needed.) We weren’t sure we needed an attorney for purchasing a home, but we saved money and stress during the negotiation process, so certainly worth it. Thank you for your help Joel!

Caius Santos

2022-02-14

If you’re considering filing bankruptcy I highly recommend you use Joel Spivack. He is knowledgeable, courteous and professional. He guided me through the process and went through smoothly without any surprises.

Joe Delia

2022-02-02

Joel has had our back on more than one occasion. He's professional and personable. I called him on a Friday after hours and he called right back. Talk about peace of mind. I didn't have to sit on a problem over the weekend. He's helped us sort out some pretty sizable problems for a very reasonable fee. Hiring him was one of the best decisions we ever made.

B Lal khan

2022-01-25

I found Mr Spivack to be an extremely intelligent and compassionate attorney who helped us through a very difficult financial time. He handled our bankruptcy efficiently and made us very comfortable with our choice to file. I also felt that his fees were EXTREMELY reasonable compared to most bankruptcy attorneys. He even offered us follow up advice after the bankruptcy, if I were to need any. I would highly recommend Mr Spivack if searching for an attorney.

B Noshn

2022-01-25

Highly Recommend, Mr Spivak helped me with a very difficult situation that I was in. From the very first meeting with him, he explained everything to me clearly. He was always available to me and always return my calls or texts promptly. He always sent me any information that he received from the courts with an explanation.

Sandra Waite

2022-01-24

Joel Spivack helped us with our recent bankruptcy and I can't say enough great things about him. He was professional, responsive to our many questions and did not make us feel bad about having to file bankruptcy. He knows everything there is to know about the laws surrounding bankruptcy and guided us through the entire process. If you want someone who knows the law and will help you every step of the way, Mr. Spivack is the person to call.

Greg Clementi

2022-01-24

Helped me every step of the way, let me know all my options

Brian Speigel

2021-11-24

Dear sir , i had a good experience with you getting it done right and helping me with the process

joseph hoffman

2021-11-13

Mr. Spivak was experienced, knowledgeable, and understanding in representing us in a closing resulting in a successful transaction. I highly recommend him.

Damiana Padilla

2021-10-16

Joel has been a life saver. He has gone above and beyond our expectations. We made the mistake of not hiring a lawyer during attorney review and once we started having issues we hired Mr. Spivack. After speaking to him we knew he would help us through the rest of the real estate transaction. Joel did not disappoint he went above and beyond and gave us piece of mind. Thank you Joel for your professionalism and proficiency, we look forward to a continuous relationship.

See my ratings and reviews on AVVO and Lawyers.com.

Joel R. Spivack

NJ & PA Consumer Bankruptcy & Real Estate Transacations Attorney

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