What are the advantages of Chapter 13 bankruptcy?

The advantage of a Chapter 13 bankruptcy for a business owner or a small business owner is primarily the cost associated with the case. The bankruptcy process can be expensive to a company even though it provides tremendous benefits.

In a Chapter 13 bankruptcy case filed by a business you’re able to deal with taxes; both income taxes, withholding taxes and real property taxes. You’re also able to restructure within the constraints of the Chapter 13 bankruptcy code many of the debts that a company would typically have including both debts secured by its assets as well as unsecured debt such as credit cards and utility bills.