Business Bankruptcy
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business bankruptcy can have an effect on the lives of many people. If it is a personal business, the prospect of losing everything may be the same as bringing a lifelong dream to an end. If it’s a larger corporation, an economic meltdown could have an impact on hundreds – if not thousands – of employees whose lives and families and homes are dependent upon the paychecks they earn. But petitioning for a Chapter 11 bankruptcy can help you reorganize your company and emerge from your fiscal dilemma as a
functioning business.
Call now at 888-996-5382. Speak to an attorney about your business bankruptcy.
A new strategy and reorganization can help you keep you in your market!
One of the first tasks that must be completed, once your business bankruptcy petition has been filed and approved, is the drafting of your plan for reorganization. The courts will provide you with anywhere from 120 days to 18 months to submit your plan for reorganization, before they allow a third party (i.e., trustee, creditor or equity holder) to submit a plan on your behalf.
In matters pertaining to business bankruptcy, the United States Code requires that the following documentation must be filed with the court:
- Schedules of assets and liabilities
- Schedule of current income and expenditures
- Schedule of future contracts and unexpired leases
- Statements of financial affairs
- Most recently prepared balance sheet
- Statement of operations
- Statement of cash flow
- Most recently filed tax return
- Certificate of credit counseling (if filing as individual or husband and wife)
- Statements of monthly net income
- Debt repayment plan
Following the filing of a business bankruptcy, you may be provided with a breathing spell in the form of an “Automatic Stay,” which is a legal means of putting a stop to the collections efforts made by creditors by both telephone and U.S. mail. The Automatic Stay* will help:
- Suspend judgments against petitioning party/parties
- Suspend repossession efforts against company vehicles
- Suspend foreclosures against business properties
- Provide time for debtors to negotiate resolutions to rectify their financial situations
The petition for business bankruptcy can provide an opportunity for business owners to reorganize their affairs and resurrect their entrepreneurial, partnership or mega-conglomerate ventures. This year, more than 1.5 million Americans will petition the courts for debt relief, whether it’s liquidation, repayment or reorganization. Our firm has more than 20 years’ worth of experience in negotiating cases and representing clients before the federal bankruptcy courts. Regardless of your reasons for seeking debt relief through the courts, we are here to help. We strive to attain and defend our clients’ best interests in every case.
Call about business bankruptcy now: 888-996-5382
Let us represent your interests before the creditors’ committee
and keep you in operation!
We provide representation for companies seeking business bankruptcy in Fairfax, Richmond, VA; Washington DC; as well as in Manassas, Woodbridge, Sterling, Gainesville, Chantilly, Springfield and Centreville, VA. No law firm or attorney can make you any promises pertaining to your debt relief. However, we can provide you with a list of the financial evidence that you will need along with an evaluation of your case in order to comply with the Bankruptcy Code, the Local Rules of Bankruptcy Procedures and/or requests made by U.S. Trustees.
*Your business bankruptcy representative will explain that there are certain exemptions provided to specific creditors during the period of the “Automatic Stay.” While most creditors will be required to halt their collection efforts, some debts, such as federally funded student loans, cannot be discharged through the courts.