Wayne Business Bankruptcy Attorney
With today’s changing economy, business are becoming more and more overwhelmed by mounting debt. Each experienced business bankruptcy attorney at our law firm can assist in debt management and help you understand your options. Business bankruptcy (commercial bankruptcy) allows a failing company several ways to work out its financial difficulties and continue with business operations.
Business Bankruptcy Information
If you are thinking about filing for business bankruptcy, you must first determine the type of bankruptcy most appropriate for your business. A bankruptcy is usually voluntary, but creditors can initiate proceedings. Let us assist you understand the business bankruptcy information.
Business bankruptcy claims are filed under Chapter 7 liquidation, Chapter 11 reorganization, or Chapter 13 individual debt adjustment laws. After opting for a business bankruptcy, the company’s publicly traded stock is usually de-listed by the stock exchange. Although individuals can file under Chapter 11, the required debt level is so high that Chapter 11 is most often used for business bankruptcies.
- Chapter 7 is a bankruptcy liquidation process through which a business determines it cannot continue and all assets must be sold to pay debts.
- Chapter 11 reorganization that enables companies to function under a manager’s direction, giving them the ability to potentially remain in business.
- Chapter 13 individual debt adjustment, which can be used if you are self-employed, are the sole proprietor of your company, and have a regular income.
Contact Our Business Bankruptcy Law Firm
If you are contemplating entering into commercial bankruptcy proceedings, please contact our business bankruptcy attorneys to understand your options. It could be the most important business decision you make.