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Business Bankruptcy
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Chapter 11 Bankruptcy
Posted: Thu, 08/05/2010
If you would like to speak with an expert to discuss weather or not filing chapter 11 is right for you, please complete the form and one of our attorneys will contact you or call 1-800-LAW-FIRM now.
For more information please visit: http://www.1800lawfirm.com/bankruptcy/chapter-11
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Business Bankruptcy
Your business is in trouble. Your business is overcome by debt. How do you determine if bankruptcy is necessary or helpful for your situation? Federal bankruptcy laws govern how companies go out of business or recover from crippling debt.
Proprietorships are an extension of the owner of a business. These types of businesses cannot file bankruptcy alone. Instead, the proprietor must file bankruptcy, since the assets and the liabilities of the business are really just one form of assets of the proprietor. The individual owner may file Chapter 7, Chapter 11 or even a Chapter 13 (if the debt limits are met).
Corporations, limited liability companies and partnerships are legal entities separate from their shareholders or partners. They can file Chapter 7 or Chapter 11 bankruptcy in their own right. A bankrupt company, the "debtor," might use Chapter 11 of the Bankruptcy Code to "reorganize" its business and try to become profitable again. Management continues to run the day-to-day business operations but all significant business decisions must be approved by a bankruptcy court.
1-800-LAW-FIRM has network attorneys that are experts in business bankruptcy. If you are interested in learning more about which form of bankruptcy is right for your business, please click the links to learn more or call 1-800-LAW-FIRM to speak with one of our attorneys now.
