When your company is struggling with a tough financial situation, it’s important to have the right professionals to help your business make the best possible decisions, given the circumstances. If you’re considering corporate bankruptcy, don’t go it alone. Select the best bankruptcy lawyer in order to get back on the straight and narrow.

Before starting the process, make sure your bankruptcy professional is licensed and holds a reputable standing with the local bar association. This is always a good standard practice whenever you are beginning to work with any new attorney.

But for a Chapter 11 or Chapter 7 bankruptcy lawyer, you need a professional who is more than just a practicing attorney. To guide you through your bankruptcy prevention options or file bankruptcy paperwork if that becomes the only option, an attorney with ample experience and training is there for you. Someone who has been in the field for years can help you make sense out of the legalese and make sure you’re able to make the best, most informed decisions for your business.

If possible, find a bankruptcy lawyer with experience in the following areas:

• Negotiation of creditors’ rights
• Debt restructuring
• Business workouts
• Corporate bankruptcy

Your best bet may even be to choose an attorney with experience representing both debtors and creditors in corporate bankruptcy proceedings. Having seen both sides of the process firsthand, these professionals have the most in-depth knowledge of the system and can optimize the outcome for your business.

A knowledgeable bankruptcy professional will be the most powerful weapon in your company’s arsenal. From helping you evaluate non-judicial options like debt restructuring or business turnarounds to advising you regarding actually filing a bankruptcy, these specialized attorneys can be an invaluable guide in helping your company work through its financial woes. Don’t delay–call your neighborhood bankruptcy lawyer now!

There used to be a stigma around the word “bankruptcy,” but the simple truth is that more and more companies are considering bankruptcy as the years of economic trouble continue. But even if you’re rubbing pennies together, corporate bankruptcy may not be the only course of action for your business.

Does bankruptcy make sense for you? Ask yourself the following questions:

How far gone are you? If you’re experiencing a momentary cash flow shortage or are foreseeing a decline in customers, you still have some time. It’s always a good decision to plan head for financial distress, but unless your company is seriously drowning, bankruptcy should be avoided. Bankruptcy protection is NOT an easy out, and it will dramatically impact how–and if–your company does business in the future. Filing bankruptcy should be a gurney, not a crutch.

Have you attempted to speak with your creditors? You may be unaware that you actually have a variety of options for bankruptcy prevention. Workouts and turnarounds require working cooperatively with your lenders to arrive at a solution that works for you both. The fact of the matter is, in this economy, your collection agencies are probably also feeling the pinch. They’d much sooner help you prevent bankruptcy and receive a partial repayment over getting nothing in return.

Do you claim complete control of your company? If so, bankruptcy can drastically alter your individual finances as well. Swaying your capability of obtaining loans and mortgages, filing Chapter 7 bankruptcy or even Chapter 13 bankruptcy can seriously mess up your personal finances with consequences that resonate well into the future. Unless you have tried every other solution, filing for bankruptcy as the lone title owner is usually a bad idea.

If ever you’re in a position to seriously consider bankruptcy, make sure you’ve considered all the options. Make certain that you’ve discussed all feasible options with an expert bankruptcy lawyer before you make your decision.

The world of corporate bankruptcy law can be complex and intimidating. Don’t let confusion get in the way of making the best decisions for your company: read on to get answers to the most commonly asked corporate bankruptcy questions.

Q. What is bankruptcy?
A. When a business has financial liabilities that exceed their assets or is unable to meet financial obligations, that company is insolvent—unable to pay their creditors, the company must come to an agreement with their creditors regarding payment or file for bankruptcy protection . This judicial solution gives the courts the power to settle the company’s debts.
Bankruptcy proceedings can be initiated by the debtor or by the creditor (called an involuntary bankruptcy). Filing a bankruptcy petition affects all of your creditors including:

• Secured creditors (those with a lien on your property)
• Unsecured creditors (vendors, credit card companies and others without a security interest in your property
• Judgment creditors (creditors who have sued and obtained a judgment against the debtor prior to the bankruptcy filing)
• Creditors with super priority claims (those with priority over other creditors because of special rules within the bankruptcy)
• Creditors with administrative claims (creditors such as accountants or lawyers with priority because of their assistance in the bankruptcy filing)

Q. What does filing for bankruptcy mean for my business?
A. Filing a bankruptcy petition simply starts a legal proceeding, with no guarantees regarding the outcome. That is to say, the debtor will present evidence of its insolvency, but there is no guarantee that the court will declare them bankrupt. This statutory process gives creditors and other parties the opportunity to challenge the debtor’s allegations and object to the relief being sought by the debtor.
Filing for bankruptcy does immediately put into effect an “automatic stay,” an injunction that stops creditors from trying to collect their debts until the bankruptcy court rules. This stay is issued against all creditors upon filing a bankruptcy petition. The automatic stay is designed to give debtors temporary relief from their financial obligations, giving them the breathing room to figure out how to deal with their debts.
If the courts declare your company bankrupt, then a settlement will be worked out with your creditors to satisfy all or part of your debts. Depending on the bankruptcy chapter you filed under, different rules apply.
Q. What is a business workout?
A. A business workout is a non-judicial resolution of your company’s financial obligations. Business workouts are settlements between a company and its creditors that satisfy the businesses’ debts, enabling it to continue operation. Also known as bankruptcy prevention, these arrangements are made outside of the court system.
While it may be surprising that creditors are willing to participate in business workouts, they’re more likely to receive greater compensation for their debts if your company does not file for bankruptcy. Using an alternative to corporate bankruptcy proceedings benefits creditors as well as the debtor, because some, or even most, of the debt will not be repaid under a bankruptcy proceeding. Secured debt, unsecured debt, and tax debts can all be resolved as a part of a workout.

For additional information about business bankruptcies and your company, contact your area bankruptcy lawyers.

Financial difficulties can make running your business next to impossible—if you’re facing the prospect of filing for bankruptcy protection, there’s a lot you need to know!

Bankruptcy May Not Be Your Only Option

Even when debts are piling up and creditors are harassing you and it seem like there’s no end in sight for your money woes, corporate bankruptcy may not be your only option. There are non-judicial solutions, including workouts and turnarounds, that can be used to satisfy your business debts without declaring bankruptcy. These bankruptcy prevention strategies may be right for your company, so contact your local bankruptcy attorney for specific advice about your particular situation.

You Need a Bankruptcy Lawyer

Filing for bankruptcy without an attorney may seem like a great way to save money, but this plan is likely to backfire in the long run. Keep in mind that your bankruptcy lawyer is a professional with years of experience dealing with the complexities of bankruptcy law. As an expert, he or she has the knowledge and expertise you can rely on to successfully guide you through the bankruptcy proceedings. While it may feel like you’re all alone when your company is in dire financial straits, hiring a corporate bankruptcy attorney means you’ll have a pro on your side! Whether it’s helping you develop a viable alternative to bankruptcy or arguing your case in the courtroom, your business bankruptcy lawyer will be an invaluable asset to your company.

Bankruptcy Should Be a Last Resort

At first glance, bankruptcy may sound like a great idea if your company has financial problems: freeing you from unmanageable debt, bankruptcy protection does have a glimmer of allure. But bankruptcy should not be entered into lightly! In the case of filing a Chapter 7 bankruptcy, your company will be liquidated to satisfy your creditors, eliminating the business you worked so hard to build. Even with bankruptcy filings that don’t dissolve your company, you’ll be saddled with the social stigma of the bankruptcy, creating complications down the road. Bankruptcy can be a resolution for your insolvency issues, but be sure it’s your only option. Your bankruptcy attorney can provide specific advice and guidance, so contact them today

With today’s tough economic situation, we’ve been hearing more and more about business bankruptcies in the news. But what exactly is bankruptcy and what does it mean when a business says it’s filing for bankruptcy.

Bankruptcy is a legal filing that enables struggling businesses to resolve issues of insolvency. Generally caused by a lack of cash flow, filing a bankruptcy can be initiated by the business or by its creditors (called an involuntary bankruptcy). Once a bankruptcy case has been filed, the judicial system works to create a fair settlement between the business debtor and its creditors.

Most business bankruptcies fall into one of four categories, or types of filing:

• Chapter 7: Bankruptcy Liquidation—This type of bankruptcy dissolves the company, selling off its assets to pay all or part of its debts. Chapter 7 bankruptcy protection is generally utilized by companies with irresolvable cash flow or financial problems and by small, sole proprietorship businesses.
• Chapter 11: Bankruptcy Reorganization—This type of bankruptcy takes the corporation through a period of structural and financial reorganization with the goal of regaining profitability. Operations are typically streamlined to reduce costs, some assets can be sold off to satisfy creditors, and other changes are all options with this type of corporate bankruptcy. Chapter 11 bankruptcy filings are generally used by large and medium-sized corporations.
• Chapter 12 Bankruptcy: Bankruptcy for Family Farmers and Fishers—this specialized form of business bankruptcy is designed for family farming and fishing operations, and is used with less frequency than Chapter 7 and Chapter 11 bankruptcy.
• Chapter 13: Wage-Earner Bankruptcy—Frequently used in personal bankruptcy filings, this type of bankruptcy can also be used by sol proprietorship companies. Enabling them to repay debts over a set time period (usually three to five years), Chapter 13 bankruptcy allows the business owner to retain their assets.

If you’re considering filing for corporate bankruptcy , consult your local bankruptcy lawyers before making any final decisions. These professionals will be able to provide you with expert advice regarding the future of your company. Contact your area bankruptcy attorney today.

Why should you turn to a bankruptcy lawyer when your business is in trouble? Because these professionals can make the process of filing a corporate bankruptcy easier! Contact your local bankruptcy attorney today.

For many companies facing financial difficulties, the first question that comes up is, “Why should I use a bankruptcy attorney?” Oftentimes the issue is rooted in money concerns, with small business owners wondering if they can afford to hire a bankruptcy attorney. But when it comes to corporate bankruptcy, the better question is can you afford not to hire a bankruptcy lawyer?

To start with, a bankruptcy attorney is a professional in the industry. That means he or she has years of experience dealing with situations like yours. While it may feel like you’re all alone, when you hire a skilled corporate bankruptcy attorney, you suddenly have a professional batting for you. Not only can this expert best argue your side in a courtroom, he or she may also be able to find a bankruptcy prevention solution.

In many cases, it’s easy for business owners to simply become overwhelmed by their financial obligations and debts, and assume that filing for bankruptcy is the only option. However, there are sometimes better alternatives, including financial workouts and debt restructuring. Even if you’ve given up all hope, your bankruptcy attorney may be able to identify an alternative to bankruptcy protection and work with your debtors to resolve your money problems out of court.

Finally, hiring a bankruptcy attorney allows you to focus on rehabilitating your business while he or she deals with resolving your company’s debt issues. From stopping the harassing phone calls from creditors to working on debt restructuring or bankruptcy negotiations, your bankruptcy lawyer can handle all aspects of your debt resolution while you handle the day-to-day operations of your business. Let your bankruptcy lawyer handle the legal stuff while you do what you do best—run your business.

If it does come down to bankruptcy in the end, your lawyer can provide endless help on technical issues such as filing a Chapter 7 bankruptcy versus a Chapter 11 bankruptcy as well as handling the paperwork and negotiations. So no matter how your corporate bankruptcy turns out, a bankruptcy attorney will prove invaluable during the process. Contact your local bankruptcy attorney today for additional information.

Filing for bankruptcy can be extremely confusing and complicated. To help you better understand what happens when you file for corporate bankruptcy, we’ve outlined the process below. For more information, talk to your local bankruptcy attorney.

In today’s economy, the word “bankruptcy” gets tossed around a lot… But what does it actually mean and what happens after your company files a bankruptcy. In layman’s terms, bankruptcy is when your company has financial obligations and liabilities that exceed your assets, making you unable to pay your bills as they come due. Filing for bankruptcy is a judicial solution for the debtor—your company—to seek relief from your creditors. The courts will determine if you are unable to satisfy your debts and, if so, attempt to determine a fair way to satisfy your creditors.

Filing for bankruptcy is similar to any other lawsuit: a bankruptcy petition simply starts the process, without guaranteeing any outcome or resolution. However, unlike other legal proceedings, a bankruptcy filing immediately generates an automatic stay, also known as bankruptcy protection. This injunction stops creditors from taking additional action to attempt to collect on their debts until the bankruptcy case is resolved. This stay essentially gives your business temporary relief and time to develop a plan for debt resolution.

As your corporate bankruptcy case proceeds, different creditors will be treated differently, but if or when the court declares your company bankrupt, the court will attempt to satisfy your financial obligations in an equitable and appropriate way.

Of course, just as every company is unique, every bankruptcy filing is different. Depending on the financial obligations, assets, and even structure of your business, your bankruptcy proceeding will unfold differently. Perhaps the most important question is whether to file a Chapter 7 bankruptcy or proceed with a Chapter 11 bankruptcy filing. The former dissolves your business, liquefying assets to satisfy creditors; the later involves reorganizing the business to regain solvency and profitability.

If you’re considering filing a business bankruptcy, now is the time to consult a professional bankruptcy lawyer. These specialized attorneys can help determine the right course of action for your particular company, helping your business achieve the best outcome given the circumstances. Contact your local bankruptcy attorney today—there may be non-bankruptcy options available for resolving your business debts!