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  • Business Bankruptcy

    Business bankruptcy law recognizes all four main types of businesses: corporations, LLCs, partnerships, and sole proprietorships. The first three types can file their own bankruptcy, independent of whether the owners file.

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  • Chapter 11 Bankruptcy

    There are great powers afforded to Chapter 11 debtors, such as the ability to object to your creditors’ claims, avoid liens, reject leases and contracts with no penalty, extend the time for repayment to your existing creditors or even reduce the amount owed or paid to them.

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  • Chapter 13 Bankruptcy

    When someone files for Chapter 13 bankruptcy, their aim is to have the opportunity to repay some or all their debts under the safety of a court-ordered plan. Unlike Chapter 7, which involves liquidation of non-exempt assets, this process allows the debtor to use whatever income they may have in the future to pay off the creditors.

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  • Chapter 7 Bankruptcy

    The purpose of a Chapter 7 bankruptcy is to eliminate all of your debts that are considered “dischargeable”. Most types of debt are dischargeable, but a few categories, such as child support obligations, alimony, and student loans, are impossible or nearly impossible to eliminate in a bankruptcy.

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  • Chapter 7 Business Bankruptcy

    The purpose of a Chapter 7 business bankruptcy is to liquidate a business.

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  • Complex Personal Bankruptcy

    Entering a bankruptcy with multiple pieces of real estate, on-going businesses and/or other significant assets can sometimes aid your candidacy as a bankruptcy debtor and help you qualify for chapter 7 relief, even if your income is too high to qualify under the traditional guidelines.

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  • Creditor Representation

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    • Chapter 7 business bankruptcy is available for:

    • Corporations

    • LLCs

    • Partnerships

    Sole proprietorships can only be filed as a personal bankruptcy, because
    that type of business is not an entity that is legally distinct from the
    owner-debtor.

    What is Chapter 7?

    In general, the purpose of a Chapter 7 business bankruptcy is to
    liquidate the business.

    Do the Owners Get To Keep Any Assets of the Business?

    No, the assets are entirely liquidated by the bankruptcy trustee. 
    There are no exemptions available for businesses, unlike that for personal
    Chapter 7 bankruptcies.

    Chapter 7 Means Test

    Unlike personal bankruptcies, there is no Chapter 7 Means Test for
    businesses.  A business can file for Chapter 7 at any time.

    How Does Chapter 7 Work?

    A trustee is appointed who collects all the unsecured property, sells the
    assets and distributes proceeds from this sale to appropriate creditors. 
    Businesses do not get a discharge on the debts; creditors simply get a
    partial distribution of the assets, and that is all.

    Reaffirmation Agreements

    Unlike personal bankruptcies, there are no reaffirmation agreements in a
    business Chapter 7.

    How Much Does Business Chapter 7 Cost?

    For uncomplicated cases, our attorney’s fees are only $2500 for an
    uncomplicated business Chapter 7 bankruptcy.  This includes the mandatory
    $299 government filing fee.  Credit counseling is not required for
    business debtors.

    If you are not sure whether bankruptcy is right for you, we will
    perform an approximately one-hour consultation with you for $150    . 
    Other firms do free consultations lasting less than 5 minutes; in contrast,
    we spend the time with you to answer all of your questions, and help you
    decide whether bankruptcy is even right for you, and, if not, then what you
    can do to avoid it. This consultation can be
    extremely informative and useful in reducing your stress level.  You
    will know what your legal options are, and leave the meeting with a plan
    tailored for your specific situation    .

    In alignment with legal industry standards, payment for a Chapter 7
    bankruptcy must be paid in full prior to filing.