We’re here to help you with your corporate bankruptcy
Don’t worry, your business is more than just numbers to us. Facing corporate bankruptcy involves serious implications and often, scary challenges. We’ll practically, creatively, and objectively analyze all of your options, and partner with you to forge a solution.
Weigh Your Options
After struggling to pay your debts, you’re ready to consider bankruptcy and we understand how daunting that can seem. We truly want to objectively listen to you and discuss with you all the potential options that might make sense for your unique situation. In fact, bankruptcy can often be a tool to revitalize your business. We have over a decade of experience helping businesses just like yours go through this challenging process. Because of that, we can explain your options in terms you’ll understand, and counsel you on the best one for your business.
Our lawyers assist you in the decision to file for corporate bankruptcy — as a sole proprietor, a partnership, a limited liability company (LLC), or a corporation — by presenting your options and their possible outcomes.
Sole Proprietors
A sole proprietor is individually responsible for the entire business debt but has more solutions than other types of business structure. Filing for bankruptcy includes three options: Chapter 7, Chapter 13, or Chapter 11.
A Chapter 7 bankruptcy discharges the filer’s entire responsibility to pay for qualifying business and personal debt. However, a Chapter 13 bankruptcy enables the filer to keep his or her business open by paying creditors over three to five years. Similarly, the filer can opt for a Chapter 11 bankruptcy when the total debt exceeds debt limits, or in other limited circumstances.
Partnerships
Partnerships that need to file for bankruptcy have two options: Chapter 7 or Chapter 11 bankruptcy. A Chapter 7 bankruptcy enables the trustee to sell business assets and distribute funds in accordance with the bankruptcy priority law. Alternatively, a Chapter 11 bankruptcy lets partners keep the business open with a corresponding payout.
Corporate Structures
The basic rules of partnerships and corporate structures are similar. In the case of the latter, however, the business structure keeps the business owners’ personal assets away from risks.
Oppenhuizen Law Firm, PLC takes a personal approach to every case of corporate bankruptcy. We understand its serious implications and seemingly intimidating challenges, so we analyze your options carefully before recommending an effective solution.
We see your business as more than just numbers. Fill in our contact form for a consultation and let us help you carefully weigh your options.