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Almost every type of business has been devastated by the events of recent years, from entertainment giants to iconic restaurants to small businesses that have been staples in their communities for decades.
Small Business Bankruptcy Attorney Near Me
In 2021, 544,463 bankruptcies were filed. Bankruptcy doesn’t necessarily mean the company is going out of business, but it’s very important to understand exactly how it works.
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If your business is behind on its bills, it may be in your best interest to hire a Chapter 11 bankruptcy attorney. This article explains what you need to know about filing for Chapter 11 and some tips for hiring the best lawyer for your situation.
Chapter 11 bankruptcy is a way for individuals to reorganize their finances to pay off their creditors over time. This is often referred to as a “reorganization bankruptcy.”
Chapter 11 provides new ways to prevent creditors from collecting and settle debt while the business continues to operate. Businesses can obtain new funding on better terms. Ultimately, the goal is to keep creditors in check while restructuring the company’s debt situation while continuing to do business.
Chapter 11 is different from Chapter 7. The company has too much debt to continue operating. Instead of restructuring debt to keep the business afloat, it closes and sells its assets. Proceeds are paid to creditors.
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An important component of Chapter 11 is creating a creditor repayment plan. After the bankruptcy court approves the plan, the business is responsible for repaying the remaining debt. Then the legal part of the bankruptcy proceedings was over.
To start the process, businesses must apply for bankruptcy protection. Creditors can also force a business to come up with a contract or repayment plan by filing for involuntary bankruptcy.
It lasts for the duration of the case, but can be lifted by the court if requested by the creditor. To be protected, you must submit all details of your business income, expenses, liabilities and assets.
When a Chapter 11 bankruptcy is brought to the courts (whether voluntarily or involuntarily), the business is considered a “debtor.” The company then gains control of the assets under Chapter 11.
What Can Chapter 11 Business Bankruptcy Do For Business Owners?
This is an important distinction from other bankruptcies where a trustee is appointed to control the assets and run the business. In this case, the debtor must perform all of the trustee’s obligations, including:
When a business becomes a “Own Borrower,” it can obtain new loans through “Own Borrower” financing. This can be significantly less than the average price you can get before filing Chapter 11, which can help your business survive during bankruptcy proceedings.
Debtors who own them may also terminate other contracts and leases that may incur additional costs. Another option for businesses to take (with court approval) is to sell unused assets, including assets that still have lenses attached. You may also sell your entire business.
The primary key to the Chapter 11 process is the reorganization plan. Include a proposal for the amount the business will pay each creditor.
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Once proposed, the business initiates meetings with important creditors called Section 341 meetings. They swear and are here to answer questions about the business.
Creditors later submit changes to the plan until two-thirds approve. Once confirmed by the court, the legal part of the bankruptcy is complete.
The loan is then considered repaid. After that, the new deficit confirmed by the court is changed. The business must make these new payments to these new creditors.
Filing Chapter 11 Bankruptcy has its pros and cons. First, let’s look at the benefits to your business. The process includes:
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Filing for bankruptcy is difficult for any business, but choosing the wrong lawyer can make things even worse. Bankruptcy filing has become a quantitative industry for many lawyers, and many of these firms provide only secondary legal services related to the settlement of corporate debt.
It’s also important to note that no two bankruptcy cases are the same. With that in mind, here are some tips for finding the best candidate among the many lawyer options.
The process of finding a lawyer to help you file for bankruptcy (which will cost you a hefty sum) may not be the most fun part of the process, but don’t let that stop your research.
Don’t wait until the last minute. You want to find the best lawyers possible and they will also need enough time to properly review and prepare your case.
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When looking for an attorney, check their website to see if they are specifically experienced in bankruptcy matters. Just because they’re not a well-known lawyer in your area doesn’t mean they don’t know anything about bankruptcy.
You should be able to find a bankruptcy lawyer who does nothing but bankruptcy cases. Since they know all the ins and outs of bankruptcy, this will probably be your best option.
Don’t stop at just one place. Many of these sites offer free advice on how to capitalize on your situation. You may also consider contacting other business friends with bankruptcy lawyers.
It might not sound like the most fun way to spend your day, but watching a bankruptcy lawyer in action gives you a better idea of who you want to represent you. You can also find a local attorney specializing in your needs.
How Do I Find The Right Bankruptcy Lawyer For Me?
Only well-known bankruptcy lawyers regularly appear on this panel. You can find the names of people who have served on this committee in your local bankruptcy court.
Once you’ve compiled a list of lawyers to represent you in bankruptcy, make a list of questions to help you get all the information you need about the company. Some questions are:
Each of these questions is very important, so if you seem to be ignoring a particular subject, it might be a red flag.
Carefully review your answers and compare them with other attorneys you have interviewed. Bankruptcy law is a high-volume industry, so some attorneys may recommend clerks or paralegals.
Bankruptcy For Small Business Owners
It’s no fun having your business go bankrupt, but the lawyer you choose can make a big difference in how well your business runs.
If you are looking for the best Chapter 11 Bankruptcy Attorney in Philadelphia, look no further. Get a free consultation at the Sadek & Cooper law office today.
Still have questions or need more help with bankruptcy, foreclosure or other debt relief strategies? Use the form below to schedule a free consultation with an experienced attorney.
This website is for informational purposes only and is general. This website does not constitute an attorney-client relationship in accordance with Advocate’s ethical guidelines. An attorney-client relationship with the law firm of Sadek & Cooper is only established after a meeting and signature by an attorney. – Client Assignment Agreement. We recommend that you seek legal advice for your specific situation. Note: During this coronavirus pandemic, our offices are open. And because of our deep concern for the safety of our customers and employees, we are now offering free video or phone consultations for people. You can understand your financial options from the comfort of your own home.
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Home » Louisville Bankruptcy Lawyers » Types of Bankruptcy » Chapter 13 Bankruptcy » Business Bankruptcy: Chapter 13
Starting a business can be difficult, and maintaining it can be even harder. In our experience, Chapter 13 business bankruptcies can benefit owners and representatives of small businesses, partnerships, and LLCs. Contact one of the bankruptcy attorneys at O’Brien’s law firm in Louisville, Frankfort or New Albany today and learn how our focus on bankruptcy can help you save your business or get out of personal guarantees for business debt. find out if there is
In some cases, a debt payment plan can help you find a way to keep your business running. In other cases, the business unit may show that it is not worth saving and will focus on minimizing exposure to personal liability. If the separation of corporate and personal assets remains reasonable, it may make sense to pursue separate bankruptcy proceedings for corporations and individuals.
The O’Brien Law Firm’s clients include building contractors, landscape architects, retailers, restorers, licensed professionals and others engaged in all construction trades. We help resolve debt issues such as:
When Does A Small Business File For Bankruptcy?
A Chapter 13 bankruptcy, also called a wage earner plan, allows people with regular incomes to plan to pay off all their debt.
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