Entrepreneurship comes with many risks, and yet it is the backbone of the American economy. It is in everyone's interest to keep floundering companies afloat whenever possible. Offering the means to save a financially challenged business through bankruptcy protection is a way of encouraging new ventures by mitigating the risk, as well as keeping those businesses that have been around for a while a chance to recover when times have been rough.
When your business is in financial trouble with creditors, but not ready to fold, you potentially have a great deal to gain by consulting an experienced San Diego business attorney who is well versed in bankruptcy. Your company might be a good candidate for Chapter 11 bankruptcy protection, which could allow you to restructure the business while allowing it to remain in operation.
While we read a great deal about major corporations restructuring through Chapter 11, small to medium size businesses can benefit from this type of protection as well. Chapter 11 is sometimes an option for individuals who have too much income to pass the means test for Chapters 7 and too much secured and unsecured debt to qualify for a 13, but it is used much more frequently by business entities: corporation, LLCs, and partnerships.
HIRE AN EXPERIENCED SAN DIEGO BANKRUPTCY ATTORNEY
Chapter 11 is an extremely complex process requiring a massive amount of paperwork, so you will need a San Diego bankruptcy attorney with the experience and skill to assist with the extensive documentation and planning that go into the filing. In San Diego, you can find the level of expertise you need at Contreras Law Firm.
With your attorney, you'll first decide if Chapter 11 is the best solution to your financial woes. If you decide that bankruptcy is the route you want to take, you'll need to create a restructuring plan designed to satisfy your creditors and return your company to profitability by modifying payment schedules, divesting of certain assets, or other strategies aimed at balancing income and expenses.
WHEN YOU'RE FORCED INTO BANKRUPTCY
In some cases, you may not have a choice. Your creditors may force bankruptcy on you by petitioning the court to compel you to go into Chapter 11 involuntarily. Then you'll have to come up with a restructuring plan that is acceptable to your creditors. If this is not possible, they may be able to forcibly take over the company. Any time you are considering entering Chapter 11, you will need a bankruptcy lawyer working with you, but it is even more important that you have the right attorney to safeguard your legal rights and advocate for your interest if a take-over is being threatened.
CHOOSING THE RIGHT SAN DIEGO BANKRUPTCY LAWYER
The paperwork involved in a business bankruptcy can make your head spin, but when you have the right attorney on your side, one who understands the many details and complexities of the Bankruptcy Code, this will be less of a concern to you. When you have Contreras Law Firm working for you, you can be assured that all filings will be done correctly and in a timely manner. We will work diligently to make the bankruptcy as stress-free as possible by keeping you from making any mistakes in the process that could harm the business.
A Chapter 11 bankruptcy is demanding, detailed, and complicated. It involves meticulous planning and negotiating to win the approval of your creditors and the court. These are skills that come with the experience the San Diego business lawyers at Contreras Law Firm have garnered in their years of successfully representing business clients from the filing of a Chapter 11.
FREE INITIAL CONSULTATION
If you're facing financial problems in your business and unsure how to proceed, call to schedule an appointment to meet with one of our successful business bankruptcy attorneys to learn how you can save your business and bring it out of the red, with our skilled legal guidance. There is never a charge for the initial meeting. You'll be surprised at how relieved you'll feel after speaking with us, so don't let the situation get any worse; contact ustoday. The initial consultation is free.Back to Top