Bankruptcy For My Business
What is Business Bankruptcy?
Many businesses fail and are forced to file for bankruptcy. This is a process where a person goes through federal court in order to repay or eliminate their debts. If you are thinking about filing for bankruptcy, then it is best for you to hire a Brighton Beach bankruptcy lawyer.
Types of Business Bankruptcy
There are three main types of bankruptcy Chapter 7, Chapter 11 and Chapter 13. Your bankruptcy lawyer Brighton Beach will tell you the pros and cons of each. Chapter 7 bankruptcy may be the best option if you feel that your business does not have a future.
A bankruptcy lawyer Brighton Beach may also recommend Chapter 7 bankruptcy if your business does not have a lot of assets. After your case is taken to court, your business assets will be distributed and the trustee will be paid. Your debt will then be charged.
Chapter 11 bankruptcy is a better option if you want to save your business. Your debts will be reorganized, and you will be allowed to continue your business. If your debts are reorganized, then you will be given a longer time to pay your debt. In some cases, people are given up to 20 years to repay their debt.
Chapter 11 bankruptcies can be complex. It may take up to one year to finalize all of the plans. Your Brighton Beach bankruptcy lawyer will help you decide whether this is the right option.
Chapter 13 bankruptcy is another type of repayment plan. It is usually used by consumers, but it may also be used by sole proprietors. You will be able to get a repayment plan in court. You will pay off your debts over the course of three to five years.
Chapter 13 bankruptcy can prevent you from losing your home if your personal assets are tied with your business assets. You will only be able to file for Chapter 13 bankruptcy if you are receiving a regular income.
You can call us if you need a Brooklyn business bankruptcy attorney. We will answer any questions that you have about business bankruptcy and guide you through the process.
