At Nowland Law, Attorney Thomas F. Nowland and his team of attorneys have represented virtually hundreds of companies and businesses of all sizes in varying industries. These years of experience have taught us that each business has its own unique needs and considerations when dealing with business litigation. We strive to work with a business to achieve a desirable outcome.
Business & Corporate Bankruptcy:
Chapter 7
Chapter 7 Business Bankruptcy is reserved for cases where the business will be dissolved, and the existing assets used to pay off debt. Immediately upon filing, a ‘trustee’ (neutral third party employed by the Department of Justice) will take over the ‘estate’ of the business and begin organizing and liquidating assets in order to satisfy debts.
Because the estate trustee is not there to advocate for you, it is recommended to have an attorney represent you in the bankruptcy route. First, they will ensure that everything is filed and handled appropriately. If situations arise that put you at a disadvantage, a qualified business bankruptcy attorney will be aware of strategies and entities to help. Additionally, you need to know how to defend against personal liability in bankruptcy so that you can defend against creditors coming after your own personal assets. There are many other details, like property exemptions, adversary actions, denying discharges, filing motions or responses, etc.
Request a Case Evaluation with an attorney on our team that handles Chapter 7 Business Bankruptcies.
Chapter 11
Chapter 11 Business Bankruptcy is designed for companies that want to continue existing, stay in business, and pay off debts. These cases are typically more complex, and invite more scrutiny from the trustee. (The Trustee is a neutral, third party employed by the Department of Justice to oversee the business’s estate.)
Typically, re-organization and restructuring will occur. Chapter 11’s need the guidance of a business attorney, as they are difficult to complete. Statistically, only 10 – 15% of Chapter 11 has a reorganization that is approved by the court and successful. Most others are dismissed or converted to Chapter 7.
Request a Case Evaluation from one of our Business Bankruptcy attorneys to review your situation.
Chapter 13
Chapter 13 Business Bankruptcies are very similar to Chapter 11. The goal is to allow an individual or company to continue the business and have the court organize a plan to repay the debts. A lawyer is needed to help guide the restructuring process. These types of bankruptcies may allow for more types of discharged (eliminated) debt.
Schedule an appointment for a Case Evaluation. Our evaluations bear zero commitment and zero cost.
Personal Liability
Business Bankruptcies are always a serious matter. Many small or medium-sized business owners will be surprised to learn that they are personally liable for some debts (or can be found to be personally liable.) Even more harmful, spousal liability can be established.
Our law firm can act as your legal team to help you develop preventative strategies to separate the business and your liability. Additionally, we can advise on strategies and help advocate for you during bankruptcy proceedings.
Contact Nowland Law to inquire about our services, or receive a free Case Evaluation.