If your business is a separate entity such as a partnership, corporation, or LLC, you may still be able to reorganize your debts through a Chapter 11 bankruptcy. Chapter 11 is most often used by businesses like LLCs, corporations, or partnerships. In some cases, sole proprietors can file for bankruptcy if they are ineligible to file for Chapter 13 because of their debt level.
In Chapter 11, a business continues to operate while under the supervision of a court-appointed trustee and files a reorganization plan that outlines how it is going to deal with creditors. While the company is in Chapter 11, it can reform contracts, obtain financing, collect assets, and repay debts. Due to the complicated nature of Chapter 11 bankruptcy, it's critical that anyone considering it speak with an experienced lawyer prior to filing.
Contact a California Small Business Bankruptcy Lawyer Today
If it’s unlikely that the financial situation of your small family business will substantially improve soon on its own, the best thing you can do is to reach out to an experienced California small business bankruptcy attorney today. Your attorney will assess the financial status of your business and help determine the steps that will result in the most favorable outcome to your case. By taking this step, you are taking control of your situation and moving towards financial security.
Your California small business bankruptcy lawyer can explain more about your bankruptcy options, as well as their benefits and drawbacks in your individual personal or business situation.
Schedule your family business bankruptcy consultation by emailing This email address is being protected from spambots. You need JavaScript enabled to view it. or calling (408) 909-0125 today. We want to help you achieve a brighter financial future and find success in whatever you might aspire to do.