Overview of Three Types of Business Bankruptcy for Small Businesses
Most small businesses always struggle to maintain enough finances to keep their operations running smoothly. There may come a time when it is no longer possible to keep the business afloat. In times like these, the best way to save your business is by declaring business bankruptcy. We hope that such a situation does not arise for your business, but if it does it is always better to be informed about your options. In this article, we will give you a brief overview of three types of business bankruptcy. Moreover, we will also tell you about a professional and excellent attorney who can tackle your business bankruptcy case and any other legal problems related to your business.
· Business bankruptcy chapter 13: This type of business bankruptcy mainly aims to reorganize your business debts with regular income. If your business is under sole proprietorship, you can file for business bankruptcy chapter 13. You will need to file a repayment plan with the court detailing how you are going to repay your debts. Filing for this chapter can help you save your house.
· Business bankruptcy chapter 11: If your business is a partnership firm or a corporate organization, you can file for chapter 11 bankruptcy. In this chapter, you will be able to continue your business operations under the supervision of a court-appointed trustee.
· Business bankruptcy chapter 7: If your business has no chance of being saved and no future, you can file for chapter 7 bankruptcy. Instead of restructuring, this chapter aims to liquidate your business and its assets. This chapter can be used for sole proprietorships and partnerships.
These are your options in case of bankruptcy and The Law Offices of Patrick L. Cordero will help you navigate through the legal implications of these bankruptcy chapters. The law firm has a professional and experienced team of lawyers who will help you file business bankruptcy chapter 7 and 13 efficiently. With years of experience, the law firm has helped numerous individuals and businesses navigate the plane of legal procedures. So, if you need to file for business bankruptcy, you can contact The Law Offices of Patrick L. Cordero for legal assistance.
About The Law Offices of Patrick L. Cordero:
The Law Offices of Patrick L. Cordero is a leading law firm that provides professional bankruptcy and debt collector attorney.
For more information, visit https://attorneycordero.com/
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