Fresno Lawyer for Bankruptcy - Handling Business Bankruptcy
While business bankruptcy is often seen as a last resort, handled properly, filing for business bankruptcy in Fresno County could allow your company to emerge stronger, more competitive, and financially sound. This is especially important if you have a solid business model, but temporary setbacks, such as the current credit freeze have made it difficult for you to fulfill all of your financial obligations. When you file for Chapter 11 bankruptcy protection, you are making an investment in your company's future, one that reflects your intentions to reorganize and remain competitive in the marketplace.
Filing for business bankruptcy - whether it's Chapter 7 or Chapter 11 bankruptcy - works a bit differently than it does for a personal bankruptcy filing. For example, in a Chapter 13 personal bankruptcy filing, you work out a payment arrangement that provides your creditors with at least the amount they would receive in a Chapter 7 bankruptcy - if a creditor is left out of the payment plan with this arrangement, that creditor has no further recourse. In a Chapter 11 reorganization bankruptcy, however, your creditors will have to vote on your repayment plan and as such, you will likely have to make some adjustments to ensure that all, or nearly all of your creditors will receive some form of repayment.
If you own a sole proprietorship or a partnership, you will be required to take the same credit counseling/debt management courses that are required in a personal bankruptcy filing. This is not the case if your company is a corporation, an LLC, or some other form of business organization. However, in some instances, even individuals who have incorporated their businesses find out the hard way that their business practices leave them exposed to additional personal suits from creditors. In that instance, you may have to file for both a business bankruptcy and a personal bankruptcy in order to be fully protected.
One of the key benefits to Chapter 11 bankruptcy is that your business will be able to keep operating in most instances. You may be able to keep most, or even all of your employees. And while your business activities will be scrutinized by the courses, you may not have to have a bankruptcy trustee in charge of your business altogether. Chapter 11 bankruptcies are often complex, and it takes a keen understanding of the bankruptcy process and business bankruptcy law in order to take full advantage of the protections that Chapter 11 bankruptcy has to offer. Your best option, especially if you want to preserve your business, is to retain the services of an experienced, reliable Fresno County Bankruptcy Attorney.
Our firm has years of experience representing both business and personal bankruptcy cases in Fresno County. We have the experience, expertise, and reliability that your company needs when you're considering filing for bankruptcy and need help to get underway. Contact our office today and arrange for a free initial case evaluation. One of our expert Fresno County Bankruptcy Attorneys will take the time to go over bankruptcy laws with you, to be certain that you fully understand the benefits, so that you can make the right choice for you, and your company.