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HOW CAN I FILE BANKRUPTCY AS A SOLE PROPRIETOR

IN 2019 I WAS FINED BY LABOR AND INDUSTRIES AND ORCA FOR REMOVING ASBESTOS FROM JOBSITE WITHOUT TESTING. MY FINES ARE $32000. THE COMPANY ONLY MADE $52000 IN 2018 AND $60000 IN 2019. THEY WANT ME TO MAKE PAYMENTS THAT ARE BEYOND MY RANGE, CAN I FILE BANKRUPTCY ON THESE. I WAS GOING TO CHANGE COMPANY TO LLC BUT NOW I THINK I SHOULD DISOLVE COMPANY

1 reply

May 12, 2020

If you're unable to pay your fines, it might be a good idea to try and negotiate a settlement or a structured payment plan with your creditor. Certainly, if possible, it's usually a good idea to avoid bankruptcy or dissolving a business - and that's especially true for sole proprietorships. What's more, even if the company does successfully dissolve or come out of bankruptcy, that insolvency could seriously affect the ability to run a different business or maintain the necessary license(s). Before making a decision, it'd be wise to consult with a local Washington construction attorney who's also familiar with bankruptcy situations. They should be able to review your situation further then provide best options for moving forward.

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