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Business Bankruptcy

Our business bankruptcy practice helps businesses with all of their debt and insolvency needs in Chapter 7 and 11.  David is a certified specialist in bankruptcy law and has a background in finance and accounting.  The combination of those disciplines give him the ability to comprehensively evaluate complex business situations to determine if bankruptcy is the best solution, and if so, recommend what type would best pertain to the situation.

Corporations have the option of walking away from and closing their businesses in Chapter 7 or attempting to reorganize their debts in Chapter 11.  Given the costs both in terms of time and money, most small corporations opt for Chapter 7.  Sometimes it may make more sense to not file bankruptcy on the corporate level especially if the owner has signed multiple personal guarantees.  Timing is also a key variable.  David can assist with a schedule and strategy on when to close the doors, terminate employees, deal with lines of credit, including SBA loans and EIDL loans.      

What do you do next?

David would like a business bankruptcy questionnaire to be filled out.  Send it back to our office and David will personally go over it with you and discuss the best options for your company.

BANKRUPTCY  SERVICES

Individual

The two main types of bankruptcy for individuals are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 is often referred to as a “straight” bankruptcy or a “liquidation” bankruptcy and Chapter 13 is a type of bankruptcy that allows for the reorganization of debts for individuals and small businesses. 

Business

The two main types of bankruptcy for businesses are Chapter 7 and Chapter 11 bankruptcy. Chapter 11 is a type of “reorganization” that is most often used by corporations. Chapter 7 is a means of closing down the corporation and liquidating the remaining assets.

FREQUENTLY
ASKED QUESTIONS

(Our office has no control over the date or time) Approximately 20 to 40 days after your filing date—the court will mail a letter to you with the exact date & time.

All meeting of creditors will be via Zoom.  You will get instructions about it.

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