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Small businesses increasingly seek bankruptcy relief

By Cathy Moran

Mom and pop businesses are beginning to dominate the list of my new clients over the past 30 days.  Retail businesses, construction, internet sales, real estate,  all are reaching the end of their ropes.  Distressingly,  these include a high percentage of long running, well established businesses.

Often, the business has been supported on the credit cards of the business owner, so the solution is a bankruptcy filing for the shareholders, freeing the business of servicing that debt.  I can’t tell if that will be enough, but often a small business can survive when relieved of the debt service from the past.

The trend, though, is ominous when you look at the economic health of the country.

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About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

Bankruptcy Basics

About The Soapbox

You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

Moran Law Group
Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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Those considering filing a Chapter 13 bankruptcy worry about "what happens to my bank account?" Will the trustee take all the money? How do I pay my living expenses after I file? The short answer is: nothing changes. The account remains yours and available for all the expenses of day to day living. Because, … Read more

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