Practice areas

Business bankruptcy

Options for owners of small businesses that are struggling or closing, including personal liability on business debt.

Illustrative business discussion around a table

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.

Frequently Asked Questions

Am I personally liable for my business debts?

It depends on how the business was set up and what you signed. Personal guarantees are common. Jeff will review your documents on the consultation.

Can I file bankruptcy for my business and myself?

Sometimes one filing covers both, and sometimes two are needed. It depends on the business structure.

Client reviews

What clients are saying

Marc S.Google review

They were professional, responsive, and truly worked with me every step of the way, making the entire process efficient, effective, and effortless. What could have been overwhelming was handled with care and precision.

Jill J.Google review

When I called, he is the one that answered, and was very fatherly and supportive of our situation and the fears we had about our future. He helped me feel less ashamed and explained how everything would work... Overall, if your finances are keeping you up at night, and you want as little meetings as possible and things to be handled more remotely, and don't want a large lawyer company, he is your guy. Life is much better for us now.

Consuelo S.Google review

Filing for bankruptcy can be stressful and overwhelming, but they made everything much easier to understand... I truly appreciated how respectful and non-judgmental they were during a difficult time in my life.

Pete R.Google review

They explained every step clearly, kept me updated, and made sure I felt supported throughout the process.

Sharon H.Client testimonial

He spent over an hour on the phone with us. There was no pressure, just kindness. He was patient and reassuring. He was organized. The day of the hearing, we sat in the lobby awaiting our hearing and four other lawyers walked in (representing multiple clients each) looking frazzled and crazed. Jeffrey Schreiber was representing us, and only us. He was ready, on-time, presentable and calm which in turn, calmed us.

Phil G.Client testimonial

He gave me excellent advice and fully prepared me for everything that was going to happen. He made me feel very comfortable with my situation. Mr. Schreiber is extremely knowledgeable in handling cases like mine. Everything that he said he was going to do he did. His level of professionalism and vast knowledge has been impeccable, imperative and more than appreciated.

Cynthia L.Client testimonial

I am in awe of his talents, vast knowledge and expertise. I was surprised by his compassion, impressed with his expertise - pleased that he was giving me possible alternatives to filing, all conveyed in a very relaxed, no pressure, phone conversation. I did seek some second opinions and very quickly realized how inept these other attorneys were. Mr. Schreiber proved to be head and shoulders above all the rest.

Need business bankruptcy? We're ready to help.

Call for a free consultation. Jeff will walk you through your options.

  • Serving La Jolla, San Diego, El Cajon, Pacific Beach
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