There are a number of options you can take if your business is in overwhelming debt.
Please click on any of the following links to learn more about each option.
Chapter 7 Bankruptcy:
If your business is in crushing debt and you are considering closing its doors, Chapter 7 bankruptcy may be warranted. From sole proprietorships to large corporations, we can help close your business in an orderly fashion.
Chapter 11 Bankruptcy:
If your business is experiencing serious financial difficulties, but you are not ready to walk away, Chapter 11 bankruptcy might be a viable option. Also known as reorganization, in Chapter 11 bankruptcy a business repays debts to creditors over time as outlined in a reorganization plan.
If your business is in distress and you plan to liquidate it, Chapter 7 bankruptcy is not your only option. An “assignment for the benefit of creditors” is another form of bankruptcy that is not subject to federal law.
If your business is in trouble and facing significant debt, you may be able to turn things around through an out-of-court workout. Workouts operate similarly to Chapter 11 bankruptcy. In a workout, a business comes to an agreement with its creditors about how to solve its financial problems outside of bankruptcy court.
Bankruptcy is not generally considered a matter for litigation, even though attorneys handle bankruptcies in court. A bankruptcy case, however, can require litigation if there are lawsuits pertaining to the case. While lawsuits are not typically a part of bankruptcy proceedings, they are far from rare.