Many businesses with this difficult financial climate have gotten to a place where their finances are simply too significant to contend with. In these cases, many of these businesses will need to consider business bankruptcy. However, if your business is in a financial situation where bankruptcy seems to be the only option, you will need to understand that there are many different types of bankruptcies and you’ll need to know which bankruptcy is going to best suit your business. That’s why, for business bankruptcy information, you should consider contacting a legal firm that handles bankruptcy.
If you’re looking for an attorney to handle Business Bankruptcy in Schaumburg, you’ll need to know that there are two types of bankruptcies that are business specific. The first is Chapter 11. This is typical for businesses that are looking to restructure their debt and stay in business following a bankruptcy. There are many challenges of this type of filing and it’s important that your business has the help of a bankruptcy attorney in order to ensure that all filings are done properly and your business meets all the conditions for this bankruptcy as mandated by the courts.
There is another type of bankruptcy that your business may need to consider filing. This type of bankruptcy is known as Chapter 7 and this is a bankruptcy for businesses that will not be able to restructure their debt and will close once the bankruptcy is concluded. This is primarily a liquidation of the existing business under court mandate in order to settle as many existing debts as possible through the liquidation of business assets. This will also offer you as a business owners some protection from creditors once your businesses chapter 7 bankruptcy has been completed.
As you can see, when it comes to Business Bankruptcy in Schaumburg, your business will have a few decisions to make. By consulting with an attorney, the attorney can assess your situation and recommend the right type of bankruptcy filing for your business. This will help you to move along to the bankruptcy process, and close the doors of your business for good or go about settling your debts or restructuring your debts so that your business can live to see another day.
