Business bankruptcy is a means used to eliminate debt or restructure payments to creditors by a debtor while preserving the equity for the owners. The type of bankruptcy a lawyer will recommend depends on the type of legal entity the business is and the management of money and assets.
Business bankruptcy options:
- Chapter 7 Liquidation of assets
- Chapter 11 Reorganization for large businesses or businesses with significant assets and debt. Reorganization is a repayment plan that has no limit on the amount of debt, and seeks to make the business profitable again and thus is much more complex. In rare instances, small to medium business may file for Chapter 11, for those who qualify.
- Chapter 13 Bankruptcy repayment plan for small businesses, such as sole proprietors, partnerships, or self-employed individuals. Zero percent interest is applied to repayment and lawyers may negotiate a lesser debt owed where possible.
Business bankruptcy is complex and a lawyer is essential in deciding what the best plan of action is for you, including filing for personal bankruptcy if necessary. Attorneys use Chapter 7 or Chapter 13 for personal or business debts. Both Chapter 11 and Chapter 13 are used by lawyers in making repayment plans.
Our attorneys can talk to you about your legal options or concerns and how we can best help your business. Call our civil attorneys now at (855) 200-2889. You can also email us using the contact form below.
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