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What options are available to you as a small business owner filing for Chapter 7 Bankruptcy through a registered attorney?
Wiki User
∙ 10y ago
The options available to a small business owner would vary in each situation. With a lawyer the business owner can go through each of the options and choose the best one for their situation.
Wiki User
∙ 10y ago
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What information is available about business bankruptcy?
Unfortunately, many small businesses are struggling financially in the current economy. To find information on business bankruptcy, you have a variety of options, including contacting an attorney, contacting a financial advisor, or seeking information about local and federal bankruptcy laws in your area.
Where can one find a bankruptcy attorney in California?
One can find a bankruptcy attorney in California from the following sources: California Bankruptcy, NOLO, Lawyers, Find Law, Long Beach Bankruptcy Lawyer, Fox Business.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
Can a bankrupt person start business the next day he filed bankruptcy?
In general, a bankrupt person can start a business the next day they filed for bankruptcy. However, they may face certain restrictions and considerations. It is important for the bankrupt person to consult with their bankruptcy attorney to understand any limitations and requirements related to starting a new business after bankruptcy.
Where can one go for information on dealing with the bankruptcy of a business?
If one is wishing to contact a business bankruptcy attorney the 'Law Info' website is a great place to find a good attorney in one's specific location. This site allows one to choose their state of residence and provides a complete list of options.
Is there a bankruptcy for business?
Yes, normally I believe ch. 11 is for business bankruptcy.
What kind of services do business bankruptcy lawyers offer?
A business bankruptcy lawyer can guide your business through the bankruptcy process, and ensure that you can maintain as much of your assets as possible while undergoing the bankruptcy process.
Advice on Finding an Experienced Business Bankruptcy Lawyer?
Before declaring bankruptcy, especially for a business, it is a sound strategy to contact a business bankruptcy lawyer. Filing for bankruptcy is typically a last resort for a business, so a skilled attorney can evaluate an individual and unique financial situation and suggest the best strategy for a business owner or owners to take. Depending on the type of debts owed, bankruptcy may not even be a viable option for the business. One common type of debt that cannot generally be discharged is taxes. There are different types of bankruptcies to file under and an attorney will know which option best suits the individual needs of a business owner. Choosing the right one and structuring it correctly can set up individuals and the business for success when rebuilding financially in the future. Depending on the type of the bankruptcy and other unique factors, a business that has been struggling can even stay open throughout and beyond the bankruptcy process. Most attorneys will want to be paid up front in the case of a bankruptcy since it will become difficult for them to collect payment after the bankruptcy proceedings. Setting aside funds for a retainer will accomplish this; many individuals can do this by separating out funds they would have normally paid their creditors with. A lawyer can also structure themselves as a high priority creditor to be paid after the bankruptcy. Laws vary by state, so be sure to select an experienced lawyer specializing in business bankruptcy. Lawyers desire new business and will often give free consultations and sound advice over the phone. Try calling a few different offices to get a feel for which office will be best to partner with. It is also a good idea to ask for references. If the attorney is unable or unwilling to provide references, it may be a good idea to contact a different attorney instead. Depending on the size of the business, it is also good to ask the lawyer what types of businesses they have worked with in the past. A large corporation will have much different needs than a sole proprietorship. Referrals are also a good strategy to find an attorney and reviews of specific lawyers and law offices can be found on the internet. Seeking the advice of a business bankruptcy lawyer is a good first step on traveling the road back to financial success.
Can you own your own business while going through bankruptcy?
Depends on the type of bankruptcy you are filing. Generally a personal bankruptcy does not effect your business, and vise versa. However, if your business is filing bankruptcy, a Chapter 11 reorganization will allow you to stay in business.
Can you file bankruptcy after you have consolidated most of your debt?
no you can not That answer is incorrect. Whether you can file a bankruptcy case and under which Chapter you can file needs to be evaluated under the terms of Bankruptcy code. Whether or not a particular debt is dischargeable needs to be evaluated under the terms of the Bankruptcy code. Consult an attorney. This is serious business. Do not rely on answers by unidentified people without information about their credentials or the basis of their opinion. That goes for people you meet at cocktail parties or the ball game. Consult an attorney.
What is the chapter 11 of the bankruptcy law all about?
The chapter 11 of the bankruptcy law permits reorganization under the bankruptcy laws of the United States of America. Chapter 11 is available to every business and to individuals, although it is mostly used by businesses.
