Business Bankruptcy
Business Bankruptcy: Overcoming the Fear
Bankruptcy is a word that small and medium sized businesses never want to hear, but if your business is sinking under the pressure of heavy debts, lack of available credit, or simply because of the current rough economic conditions, it may be a business’s best alternative. The complexity of filing for corporate bankruptcy is made easier when you have a business bankruptcy lawyer at your side.
Forms of Business Bankruptcy
The specific requirements of businesses considering bankruptcy can vary greatly from business to business. Just as every business is unique, the bankruptcy plan in bankruptcy court must be unique to that business as well.
Businesses that are approaching bankruptcy have different requirements than individuals who are under similar pressure. Using a business bankruptcy attorney from the central Texas area with knowledge of the specific challenges facing your business is essential. Below are some of the options a business facing bankruptcy possesses:
Chapter 7 Liquidation: If a complete liquidation of the business is required and you want the possibility of the business being relieved of all of its debts, then filing for Chapter 7 bankruptcy is desired. Chapter 7 is the most common form of business bankruptcy, as it provides complete debt relief. For more information on Chapter 7 Business Liquidation, click here.
Chapter 11: Although not used as much, Chapter 11 bankruptcy can rescue a business. Chapter 11 calls for business reorganization and the restructuring of existing debts. Chapter 11 can be a complicated process and relies
heavily upon working with the business’s creditors. For more information on Chapter 11 business bankruptcy, click here.
Chapter 12: In the event that you are trying to rescue an agricultural business, filing for Chapter 12 bankruptcy is most likely the best option. This is can be the best choice for a family farmer and ties in to Chapter 13 consumer bankruptcy. For more information on Chapter 13 consumer bankruptcy, click here.
Contact Us To Have a Business Attorney Assigned to You
To learn more about bankruptcy in the Austin, Georgetown, Leander, or Round Rock area, you can schedule an appointment for a free initial consultation with one of the members of our legal team. To speak to an attorney about your matter, please call us now at 512-992-2421.