Business debt and the owner's personal finances
When a small business is struggling or closing, the debt picture may involve both the business and the person who owns it. Jeff reviews the business structure, the agreements signed and the obligations that remain. The first question is not simply how much the business owes, but who agreed to pay each debt and what you want to do next.
The Schreiber Law Firm handles business bankruptcy questions alongside individual Chapter 7 and Chapter 13 matters. Jeff spent five years in banking making commercial loans before law school. He brings that background to the conversation about lenders, guarantees and the documents behind a business obligation.
Identify personal guarantees
A lease, line of credit or equipment loan may include a personal guarantee. If you signed one, closing the business does not answer the separate question of your personal liability. Jeff needs to review the agreement and how the business was organized before explaining the options.
Make a list of business obligations separately from household debts. Identify the named borrower, any guarantee and the property connected with a loan. If you are unsure what you signed, treat that as a question for the consultation. Do not assume that every business debt belongs only to the company, or that every company obligation is automatically yours.
The firm's review can include the relationship between business and personal matters. Sometimes more than one filing may need to be considered; the answer depends on the structure and the circumstances. A chapter selected for an individual is not necessarily an answer for a separate business entity.
Closing or trying to continue
Tell Jeff whether the business is winding down, trying to remain open or still deciding between those routes. Those goals raise different questions about debt and property. Discuss equipment, vehicles, leases, loans and any collection action affecting the business rather than describing only the total balance.
If a lender has sent a default notice or a creditor has filed a lawsuit, identify the date and the documents involved. If business debts overlap with tax notices or unpaid returns, mention that as well. The firm also handles tax-law matters, including unpaid taxes, audits and related issues. Bankruptcy and tax questions should be reviewed together when both are part of the problem.
What to ask in the consultation
Your first conversation can take place by phone or video, or at the La Jolla or El Cajon office. Explain the outcome you hope to achieve: closing with a clearer understanding of liability, addressing personal debt or reviewing the possibilities for a business that continues. Jeff can discuss what needs further review and what preparation is required.
Ask about attorney fees and payment arrangements before committing. Documents are uploaded electronically during the firm's preparation process, with an in-person meeting to review and sign. Keep confidential business records out of the public contact form; ask Jeff how to provide them if you proceed.
Call 619-933-6057 for a free consultation or request contact. If there is a pressing deadline, call and explain the timing. This page is general information, and contacting the firm does not itself create an attorney-client relationship or stop a creditor.