When you start a business, one of the benefits is that all of your personal assets are safe. This means that if you start a business and then go bankrupt, your personal income will not be affected. So, your Worcester lawyers will be able to defend you and tell the judge that the business is completely broke and that none of this affects you. All of your personal belongings, like your house, car, and other things, will be completely safe and protected. Your Worcester bankruptcy lawyer will also be able to help you pay less in taxes. When you file for bankruptcy, you say that your business isn’t making any money. This means that you really have no profit to report to the federal government, so you shouldn’t have to pay any taxes. If you talk to your Boston bankruptcy attorney, they can tell you what kinds of taxes you can expect to pay. There are some types of bankruptcy where you still have to pay taxes, but bankruptcy can help you pay less tax. Keep in mind that they are not tax experts, so their services can only go so far.
