In today’s world every business is facing challenges. Talking with the right professionals is important and can keep your business on track. Chapter 11 bankruptcy, even for small businesses can be an effective strategy. We often hear that the process is overwhelming but recent changes in the law have made it easier and more efficient for small businesses to benefit from the bankruptcy process.
As experienced business bankruptcy attorneys, we also understand how intertwined the finances of small business owners and their businesses might be. There may be personal guarantees involved or special circumstances. All of this must be considered when developing individualized case strategies.
The main reason to file a bankruptcy petition is to obtain a “stay” of all proceedings brought against your business, including any brought by collection agencies. From the moment you file the bankruptcy petition, all actions against your business (even litigation) must be approved by the Bankruptcy Court. Practically speaking, this step can provide much-needed breathing room for your business. With the automatic stay in place, you can properly account for all of the business’ assets and creditors and form a global plan to get out from under its debts.
While it is easy to simply say “file for bankruptcy”, DuffyAmedeo professionals know that there are nuances to filing a chapter 11 petition for small businesses and that each small business is different. That knowledge can be the difference between a successful bankruptcy filing or an unsuccessful one that could leave business owners in the same or a worse-off position than they were prior to the bankruptcy filing.
We provide our clients with a deep understanding of the bankruptcy law and navigate each case with a deep understanding of our clients and their special circumstances.