Business Bankruptcy: 3 facts you should know
Businesses are offered special protections under U.S. Bankruptcy code. These laws are designed to assist a business that is unable to pay its debts and offers two primary options 1) rebuild the business through a court-approved bankruptcy plan (often referred to as Chapter 11 ) or 2) dissolve the business and sell the assets to satisfy some or all of the
1. Timing is important- When a business files for bankruptcy can have a serious impact on the outcome. Through analysis of your businesses unique situation and proper planning you can manage the timing of your bankruptcy filing. Our team at Bolton Law Group will work with you to understand your bankruptcy options and coordinate the most appropriate time for you and your business.
2. There are options– Chapter 11, Chapter 7 or even Chapter 13 of the U.S. Bankruptcy code may be the right option for your particular situation. With more than 15,000 bankruptcy filings, Bolton and Long can offer the advice and counsel you will need to select the option that is best for you.
3. You are not alone– more than 55,000 business bankruptcy filings occurred in the United States last year alone.
All businesses should know their options and consult a professional. At Bolton Law Group we stand ready to assist and guide you through the process.