Business BankruptcyFour Decades of Experience Guiding Clients Through Legal Matters
Raleigh Bankruptcy Lawyer – 919-876-3300
Sometimes the best laid plans will not be enough to keep a small business afloat. Economic downturns, reduction of the target market, increase in competition, unforeseen disasters, and much more can financially impact a company and leave it in financial straits. If your business has seen better days and you are concerned about losing everything as it goes under, you may want to consider business bankruptcy.
To take away the stress and guesswork, contact Hopper Law Office and our bankruptcy attorney in Raleigh. We have the legal knowledge and know-how you need to determine if bankruptcy is right for you, and, if so, what type of bankruptcy may work best.
Using Chapter 7 Liquidation
If it is clear that your business will not survive the coming months, you might want to start liquidating as much of it as you can and as quickly as you can. Holding onto a business that just cannot turn a profit is destructive to your finances and could end up reaching your personal life as well. In such situations, Chapter 7 bankruptcy may be the appropriate solution.
Benefits of Chapter 7 bankruptcy include:
- Elimination of all or most business debts.
- Owner’s obligation from debts is usually removed.
- Works if owner has no substantial assets.
- Typically concludes within a few months.
Using Chapter 11 Reorganization
When a company goes through difficult times, the term Chapter 11 bankruptcy may be mentioned or considered several times. Sometimes called “business reorganization”, Chapter 11 bankruptcy is focused on keeping a business open and operational while it attempts to pay off its overwhelming debts. If you have good reason to believe that your company has a future but it needs substantial help to get there, Chapter 11 is likely the right bankruptcy form for you.
The typical Chapter 11 bankruptcy process involves:
1. Bankruptcy court appoints a trustee to oversee process.
2. Business creates a reorganization & debt repayment plan.
3. Creditors review the plan & vote to approve or disapprove.
4. Court determines if final plan is viable.
5. Business is reorganized according to the plan.
6. Debts are reduced & repaid over many years.
Review Your Options & Make an Informed Decision
Business bankruptcy can be considerably more complex than the already complicated forms of personal bankruptcy. Do not hesitate to reach out and get the professional legal counsel you need to feel confident in your decision to file for bankruptcy. You might even discover that bankruptcy is not the right choice, saving you an immeasurable amount of time and energy.
Our Raleigh bankruptcy lawyer has 29 years experience. Contact us today.
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