Understanding Your Business Bankruptcy Options
You have invested significant time and resources into your company. Due to a variety of factors, your business may be underperforming and may have acquired significant debt. Roderick Linton Belfance, LLP, can evaluate your business’s debt burden and determine whether Chapter 7 or Chapter 11 business bankruptcy may be a valuable option to pursue.
Founded in 1885, we have extensive experience assisting a variety of businesses in northeastern Ohio through the bankruptcy. Our attorneys can confidentially assess your options and provide experienced counsel, whether you are a substantial corporation or a small, local business.
Determining The Most Advantageous Alternative
Businesses can file for either Chapter 7 or Chapter 11 bankruptcy. Our skilled lawyers thoroughly analyze your business’s current financial state and guide you through the proper bankruptcy filing method.
- Chapter 7 bankruptcy forces you to close your business. You then sell liquid assets to repay your creditors. If the court does not believe that your business has the potential for profitability, this may be your only option.
- Chapter 11 bankruptcy is similar to chapter 13 in personal bankruptcy filings. It allows businesses to reorganize in order to alleviate debt and promote profitability. Businesses that are unable to convince the courts of potential profitability cannot file under this option.
Managing Relationships With Creditors
Both Chapter 7 and Chapter 11 bankruptcy require repaying either partial or full debts to your creditors. Our attorneys can manage these interactions on your behalf. Certain creditors are prioritized over others. We can explain this process and how it will impact your case.
Additionally, creditors may file a petition for Chapter 11 bankruptcy on your behalf, known as an involuntary petition. This could force your business into Chapter 11, and you will need to execute the same restructuring processes that you would under standard Chapter 11. While unexpected, this action may allow your business to become more financially stable and profitable in the long run. Having assisted a number of businesses with successful restructuring plans, our attorneys can confidently suggest avenues towards profitability.
Contact Us For Knowledgeable Business Guidance
If your business requires financial assistance, call Roderick Linton Belfance, LLP, at 234-281-4949. You may also email our Akron offices online. With over two dozen attorneys, we offer the depth of knowledge and personalized attention that you and your business deserve.