Should my business file bankruptcy?
Is bankruptcy right for your business? Can filing bankruptcy help save your company? The only way to know for sure is to speak with a qualified business bankruptcy attorney. Call now and have a free consultation with an experienced business bankruptcy attorney! 303.757.5833.
With a business you can file a chapter 7, chapter 11 or chapter 13 bankruptcy. One key thing to remember, an individual can receive discharge through bankruptcy, not a business. A business can file for bankruptcy in their own right...however, most business owners personally guarantee their debt, which ultimately causes the owner to file for bankruptcy.
For small and medium sized entities, debt relief may be sought by the business owner personally filing for bankruptcy under chapter 7 or chapter 13 of the Bankruptcy Code. In these cases, there is not a distinction between the business and the debtor. As experienced bankruptcy lawyers, we will assist business owners in correctly filing a chapter 7 or chapter 13 bankruptcy so that they are able to get a fresh start. However, if the business is incorporated, the corporation itself may need to seek reorganization under chapter 11.
Chapter 11 bankruptcy is available for corporations, partnerships, and individuals, but is used mostly by troubled corporations and partnerships. Chapter 11 allows the debtor to remain in operation while working out a reorganization plan in which the debtor proposes a plan of paying or settling the debts. The creditors vote on the reorganization plan, and the plan also must be approved by the court. Chapter 11 is designed to preserve a viable business that otherwise would be lost in a liquidation.
For more information on chapter 7 or chapter 13 bankruptcies, click on the links below. Additionally, you can read through the FAQ in the Just Ask Jude FAQ.
Deciding whether bankruptcy is appropriate for your business may be one of the most difficult decisions you’ll ever make. But having information about what could happen to you and your business in the bankruptcy process can help.
Should the business be reorganized or liquidated?
How do you decide if your company has no life left? The debts of a business can often be very detrimental to a small business owner. If your business is facing uncontrollable debt, we may be able to assist you.
Your best option is to contact an experienced business bankruptcy attorney that you can trust to discuss all the options available to you and your company. Call now for your free consultation, 303-757-5833.
Concerned that your company won't survive the recession?
Are you experiencing any of the following?
- Can’t pay your employees on time?
- Can't pay your taxes? What happens when the IRS padlocks your door?
- Is bankruptcy the right answer? Will this save your company or kill it?
- Can't make your loan payment? Is the bank going to foreclose?
- Will I be working the rest of my life to pay these debts? Could they take my house?
What bankruptcy can't do:
Bankruptcy can't make the recession go away, increase consumer spending or increase your revenue.
What bankruptcy can do:
Bankruptcy can free up money being paid towards old debt and make it available to your company to finanace current operations.
JudeLaw can HELP!
At JudeLaw we care about our clients and their business. Many factors are involved when determining what is the best legal solution for your business. Call us now for a free consultation and speak with an experienced, caring business bankruptcy lawyer!
CALL NOW! 303-757-5833