Business Bankruptcy Attorney in San Francisco
Most new businesses do not succeed. Depending on the economy and other circumstances, even established businesses find themselves unable to pay their debts. Sole proprietors may qualify for Chapter 13 bankruptcy. Entities such as corporations and limited liability companies don't qualify for Chapter 13, but might use Chapter 11. There is no shame in seeking to protect your business.
Business Bankruptcy
Chapter 11 of the Bankruptcy Code allows you to keep running your business, but under court supervision. As in Chapter 13 for individuals including sole proprietorships, you propose a plan for paying creditors. They vote on the plan, and can also propose their own plans for your reorganization. A plan must ultimately be approved by the court.
If the business's debts exceed its assets, ownership may be transferred to creditors. Chapter 7 can be used to dissolve companies.
Benefits of Reorganization
As with personal bankruptcy, an automatic stay is imposed, halting all collection efforts. If you are receiving collection calls, threats of lawsuits, eviction notices and utility disconnection notices, you will appreciate this protection. You will also be able to:
- Challenge creditors' claims
- Negotiate to reduce the amount of a debt
- Cancel leases and contracts
- Lengthen the time you have to pay a debt
- Buy time to catch up on real estate payments or sell property in which you have equity
- Obtain new loans by giving new lenders first priority on your available assets
Bankruptcy Debt Relief Lawyer
The Epstein Group is here to outline your options for you and assist you in keeping your small business. For a free attorney consultation in San Francisco, California about your legal concern, call 415-230-0781 or toll-free 888-336-4955 or complete the contact form on this website. There is no charge for your initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
Member of National Association of Consumer Bankruptcy Attorneys
