Business Bankruptcy Attorney - Why Do You Need One

Bankruptcy can help a debtor to get some relief from his mounting debts. It allows an individual to let go of some or the whole debt and gives him some time to restore his financial situation without any harassment from the creditors. Like an individual person, a business, too, can face financial problems.

Bankruptcy is the last option for situations when nothing else seems to work. Making a decision of opting for bankruptcy can be difficult and you need to consult with an eminent bankruptcy attorney before taking any step. Filing a bankruptcy case is a major decision. It has its own legal complications. Only a specialized attorney would know the implications of this lawsuit. .


The two most common chapters of bankruptcy are Chapter 7 bankruptcy and Chapter 13 bankruptcy.

Chapter 7: This chapter of bankruptcy is also referred to as 'liquidation of assets'. It is ideal for a business that has simply no way to recover and would not make any profit on restructuring the firm. In short, this case indicates that a business has incurred too heavy a debt to pay off. On filing a bankruptcy case under chapter 7, the court will appoint someone to take charge over your business' assets and distribute them among the creditors. Chapter 7 has an advantage for the businesses that have a single owner as it frees him from all his debts. Partnership businesses and corporations cannot apply for this advantage.

Chapter 13: This is the option that is popular among consumers but is also applicable for sole proprietorships. If you choose to file a bankruptcy case under this chapter, the court will keep a part of your asset and you will be required to produce a plan as to how you will pay back your creditors. This depends on your income and assets. This is particularly helpful for the business owners whose business and personal assets are intertwined.

Filing a bankruptcy case under either of these chapters is a vital decision and should be taken with keeping in mind all the necessary aspects of a situation. A discussion with a qualified and experienced attorney can help you to decide on this one.

Is it a hard time for your business? Does it seem difficult to pay your debts under the shaky economic conditions? Do not panic and contact a business bankruptcy attorney. Dayton, OH citizens can approach Bankruptcy Law Office Dayton for getting expert advice.

somekeyword - Bankruptcy lawyer at Bankruptcy Law Office Dayton can help you make a fresh financial start, free from debt, lawsuits, creditor, repossessions and more in the Montgomery County & Dayton OH area.

You have read the best review article categorized by ask an attorney and the title Business Bankruptcy Attorney - Why Do You Need One. You can bookmark or spread this post by using this URL https://attorneysearchtips.blogspot.com/2013/08/business-bankruptcy-attorney-why-do-you.html. Thank You!