Family Law

Why You Should Consider Filing For Bankruptcy

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Business Bankruptcy Attorney

If your business is in financial distress and you are considering filing for bankruptcy, it is important to have a qualified bankruptcy attorney guide you through the process. They can advise you on which type of business bankruptcy is right for your situation and assist with negotiating with creditors, so that you are able to resolve all outstanding issues in a timely manner.

If you have questions about the best way to handle your financial situation and whether or not to file for bankruptcy, please contact our office to schedule an initial consultation with one of our Phoenix, Arizona business bankruptcy attorneys. Our lawyers offer personalized attention to clients throughout the bankruptcy process, ensuring they have a clear understanding of their options and a strategy that is tailored to fit their individual needs.

What is the Difference Between Chapter 7 and Chapter 11 Bankruptcy?

When a business files for bankruptcy under Chapter 7, it will be liquidated by the court’s bankruptcy trustee. The trustee will sell the business’s assets and use the proceeds to pay off creditors. However, the company may be able to restructure its debts under Chapter 11, and this can allow the business to continue to operate.

The best Sacramento and Solano County business bankruptcy lawyer will be able to help you decide which type of business bankruptcy is best for your business. This will depend on the size of your business, your income and how much you owe your creditors.

Often, business owners are not advised properly about the types of business bankruptcy that are available to them. For instance, if you own a sole proprietorship and have significant personal assets, you should not file for bankruptcy under Chapter 7 because it will leave your personal assets at risk of being liquidated by the Bankruptcy Trustee. Similarly, if you own a corporation or LLC, it is important to consult with an experienced business bankruptcy attorney before you file for bankruptcy under Chapter 7.

Why Should You Consider Filing for Business Bankruptcy?

Generally, business owners should file for business bankruptcy when their debts have become unmanageable. The bankruptcy court will give the business time to restructure its debts and to plan for the future of the business.

What Makes a Business Bankruptcy Attorney in Phoenix Different?

Our Phoenix, Arizona bankruptcy lawyers have a wide range of experience in all types of business bankruptcies. Our attorneys have handled everything from simple retail businesses to complex commercial cases involving multi-national corporations.

They can assist you with determining the best type of bankruptcy for your specific needs and can guide you through the entire bankruptcy process, including preparing your schedules and filing your case. They can also help you restructure your business debts and obtain a fresh start, so that you can get back on your feet.

Are there warning signs that your business might need to file for bankruptcy?

Whether your business is a sole proprietorship, LLC or a corporation, it is crucial to seek the guidance of an experienced business bankruptcy attorney to avoid making serious mistakes that can lead to a costly and devastating outcome.

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