Business Bankruptcy Attorney
Starting and owning your own business is what the American dream is all about. Unfortunately, in today’s world, no matter how much love, time, energy, or money you pour into your business, success is not guaranteed. If you find your small business is not thriving, the most responsible, realistic, and honest approach may be to consider filing bankruptcy for your small business.
There are many tools to consider when trying to fix your ailing business.
CHAPTER 11
Chapter 11 offers a legal process by which a small business can continue to operate under the bankruptcy court’s supervision while in the process of reorganizing its business debts.
Chapter 7
Chapter 7 offers a controlled method in which to “wind down” and liquidate the business assets so as to satisfy the companies obligations to the best of its ability.
If you find your business failing during these difficult times, call our office today for an absolutely free consultation. Let us help to advise you on the best course of action for your business.
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Frequently Asked Questions
Q1: What is the primary purpose of business bankruptcy?
A1: Business bankruptcy is fundamentally designed to help companies manage or eliminate overwhelming debt. Its goal is to allow businesses to regain control over their finances, either through reorganization or liquidation, thereby establishing a clearer path forward and building a more stable financial future.
Q2: When should a small business consider filing for bankruptcy?
A2: If your small business is struggling financially and not experiencing growth, filing for bankruptcy can be a pragmatic and responsible option. It’s often considered when a business is facing significant debt, operational challenges, or simply cannot sustain itself, offering a structured way to address these issues.
Q3: What does Chapter 11 bankruptcy mean for a business?
A3: Chapter 11 bankruptcy provides a legal framework for a small business to continue its operations while under the oversight of a bankruptcy court. This process allows the business to reorganize its debts and finances, striving to return to profitability by establishing a viable plan with its creditors.
Q4: How does Chapter 7 bankruptcy work for businesses?
A4: Chapter 7 bankruptcy offers a controlled method for a business to cease its operations. It involves liquidating the company’s assets in an organized fashion. The proceeds from these liquidations are then used to satisfy the business’s outstanding obligations to creditors as fully as possible, facilitating its closure.
Q5: How can I receive legal advice for my struggling business?
A5: If your business is facing financial difficulties, we encourage you to contact our office for a completely free consultation. We are ready to discuss your unique situation, assess your options, and provide expert guidance on the most appropriate course of action for your business’s future.
