What procedures should I follow in the event of bankruptcy?

If you are a small business owner in Washington facing bankruptcy, there are a few procedures you should follow. First, meet with a qualified bankruptcy attorney to discuss your options and the best course of action for your particular situation. Your attorney can help you file for bankruptcy protection and make sure all of your assets are properly protected. Next, you will need to prepare a statement of assets and liabilities for your business, which will include all sources of income, all debts, and any assets you might have. You will also need to make sure that all of your taxes are paid up to date to avoid any penalties or interest charges. You will also need to attend a bankruptcy hearing, where a bankruptcy court judge will hear your case and examine any evidence you present. After the hearing, the judge will decide whether your business should be declared bankrupt. Depending on the circumstances, other creditors may also be called to testify. Finally, you should follow all of the court’s instructions and keep up with all your payments to creditors. You will need to complete a number of court forms and will likely be required to submit a plan for repayment. If all creditors are in agreement, the judge may approve the plan and you can begin the process of reorganizing your business to avoid bankruptcy in the future.

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What procedures should I follow in the event of bankruptcy?

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