{"id":387,"date":"2015-07-22T10:21:40","date_gmt":"2015-07-22T15:21:40","guid":{"rendered":"http:\/\/www.mankatobankruptcy.com\/blog\/?p=387"},"modified":"2015-09-15T10:24:47","modified_gmt":"2015-09-15T15:24:47","slug":"small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/","title":{"rendered":"Small Business Owners in Mankato, MN \u2013 Should you file chapter 13 or chapter 7 bankruptcy?"},"content":{"rendered":"<p>If you\u2019re a small business owner and you\u2019re considering filing for bankruptcy, it\u2019s important that you have information on which type of bankruptcy you should file for. Filing fort <a href=\"http:\/\/www.mankatobankruptcy.com\/bankruptcy.php\">bankrupcy <\/a>it is definitely not an ideal situation, but sometimes it\u2019s necessary. Having the right information will help you to make the right decision so that you can begin to improve your financial situation in the most effective way possible. If you\u2019re a small business owner in Mankato, MN, then chapter 7 bankruptcy will more than likely be the right option for you. In some cases, however, chapter 13 bankruptcy may be a more viable option.<\/p>\n<p><strong>\u00a0<\/strong>Let\u2019s take a look at your options to find out which one you should choose:<\/p>\n<p><strong>\u00a0<\/strong>Reasons to choose chapter 7 bankruptcy:<\/p>\n<ul>\n<li><strong>It will be settled much faster<\/strong> \u2013 Chapter 7 bankruptcy cases usually conclude in a matter of months whereas chapter 13 bankruptcy cases can take three to five years.<\/li>\n<li><strong>It will be easier to start a new business<\/strong> \u2013 You can\u2019t file bankruptcy for your business with chapter 13 bankruptcy. It would be much easier to close your current business down under chapter 7 than to try to keep it afloat while also having to deal with chapter 13 personal bankruptcy. You can deal with your debts and start a new and improved debt free business.<\/li>\n<li><strong>You aren\u2019t required to pay your unsecured debt<\/strong> \u2013 In chapter 13 bankruptcy you will be required to pay at least some of your unsecured debt in most cases. You aren\u2019t obligated to do that under chapter 7 bankruptcy.<\/li>\n<\/ul>\n<p>When chapter 13 bankruptcy may be the right option:<\/p>\n<ul>\n<li><strong>You have an asset rich business<\/strong> \u2013 If you\u2019re a small business owner and you don\u2019t want your business to be shut down because it has a high amount of valuable assets that you want to keep, you should not file for chapter 7 bankruptcy. You may even want to try and settle your debts on your own and avoid filing altogether.<\/li>\n<li><strong>You want long term protection<\/strong> \u2013 If you want more time to catch up on certain payments like your mortgage or car payment under the protection of bankruptcy law, then chapter 13 bankruptcy is a better option.<\/li>\n<li><strong>You have a unique asset that you want to keep<\/strong> \u2013 If you have a certain asset that is not protected under chapter 7 bankruptcy but is protected under chapter 13 bankruptcy, then choose the latter.<\/li>\n<\/ul>\n<p>Hopefully this information can help you make the right choice. If you\u2019re a small business owner and are considering filing for bankruptcy or just want more information, <a href=\"http:\/\/www.mankatobankruptcy.com\/contact-us.php\">contact<\/a> the professionals at Behm Law Group Ltd in Mankato, MN. We\u2019re here to guide you and help you build a better financial future.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a small business owner and you\u2019re considering filing for bankruptcy, it\u2019s important that you have information on which type of bankruptcy you should file for. Filing fort bankrupcy it is definitely not an ideal situation, but sometimes it\u2019s necessary. Having the right information will help you to make the right decision so that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"aioseo_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Small Business Bankruptcy | Mankato, MN | Behm Law |<\/title>\n<meta name=\"description\" content=\"As a small business owner, should you file for chapter 13 or chapter 7 bankruptcy? Read here for more info! Contact Behm Law group today at 507-387-7200!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small Business Bankruptcy | Mankato, MN | Behm Law |\" \/>\n<meta property=\"og:description\" content=\"As a small business owner, should you file for chapter 13 or chapter 7 bankruptcy? Read here for more info! Contact Behm Law group today at 507-387-7200!\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/\" \/>\n<meta property=\"og:site_name\" content=\"Behm Law Group, Bankruptcy Attorneys\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-22T15:21:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2015-09-15T15:24:47+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/\",\"name\":\"Small Business Bankruptcy | Mankato, MN | Behm Law |\",\"isPartOf\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\"},\"datePublished\":\"2015-07-22T15:21:40+00:00\",\"dateModified\":\"2015-09-15T15:24:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\"},\"description\":\"As a small business owner, should you file for chapter 13 or chapter 7 bankruptcy? Read here for more info! Contact Behm Law group today at 507-387-7200!\",\"breadcrumb\":{\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Small Business Owners in Mankato, MN \u2013 Should you file chapter 13 or chapter 7 bankruptcy?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#website\",\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/\",\"name\":\"Behm Law Group, Bankruptcy Attorneys\",\"description\":\"Bankruptcy News &amp; Recent Cases\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"url\":\"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Small Business Bankruptcy | Mankato, MN | Behm Law |","description":"As a small business owner, should you file for chapter 13 or chapter 7 bankruptcy? Read here for more info! Contact Behm Law group today at 507-387-7200!","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/","og_locale":"en_US","og_type":"article","og_title":"Small Business Bankruptcy | Mankato, MN | Behm Law |","og_description":"As a small business owner, should you file for chapter 13 or chapter 7 bankruptcy? Read here for more info! Contact Behm Law group today at 507-387-7200!","og_url":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/","og_site_name":"Behm Law Group, Bankruptcy Attorneys","article_published_time":"2015-07-22T15:21:40+00:00","article_modified_time":"2015-09-15T15:24:47+00:00","author":"admin","twitter_misc":{"Written by":"admin","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/","url":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/","name":"Small Business Bankruptcy | Mankato, MN | Behm Law |","isPartOf":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website"},"datePublished":"2015-07-22T15:21:40+00:00","dateModified":"2015-09-15T15:24:47+00:00","author":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b"},"description":"As a small business owner, should you file for chapter 13 or chapter 7 bankruptcy? Read here for more info! Contact Behm Law group today at 507-387-7200!","breadcrumb":{"@id":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/small-business-owners-in-mankato-mn-should-you-file-chapter-13-or-chapter-7-bankruptcy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.mankatobankruptcy.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Small Business Owners in Mankato, MN \u2013 Should you file chapter 13 or chapter 7 bankruptcy?"}]},{"@type":"WebSite","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#website","url":"https:\/\/www.mankatobankruptcy.com\/blog\/","name":"Behm Law Group, Bankruptcy Attorneys","description":"Bankruptcy News &amp; Recent Cases","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.mankatobankruptcy.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/27775d5cd5fffe036851c367ff1f054b","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.mankatobankruptcy.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ee885af9f484d90892aa7c3a7b9de0ce?s=96&d=mm&r=g","caption":"admin"},"url":"https:\/\/www.mankatobankruptcy.com\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/387"}],"collection":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/comments?post=387"}],"version-history":[{"count":2,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/387\/revisions"}],"predecessor-version":[{"id":390,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/posts\/387\/revisions\/390"}],"wp:attachment":[{"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/media?parent=387"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/categories?post=387"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mankatobankruptcy.com\/blog\/wp-json\/wp\/v2\/tags?post=387"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}