Columbus, Ohio Business Bankruptcy Attorney
Since no business is immune from financial problems, they can easily encounter insolvency issues from numerous causes, including:
- Collection issues
- Accounts receivable problem
- Lawsuits, including class action lawsuits
- Liens
- Frozen accounts
- Taxes
- Physical accessibility to business cut off by road construction and other obstructions
- The mixing of personal and business accounts
- Inadequate record-keeping
- Changes in service and product demand due to changes in the economy
Bankruptcy protection is available to all businesses, including sole proprietorships, partnerships and corporations, among others.
Chapter 7 or Chapter 11 - We Can Answer Your Questions.
Business bankruptcy usually involves Chapter 7 bankruptcy or Chapter 11 bankruptcy, both of which can involve debt settlement and creditor negotiations to reduce and pay off debt.
Under Chapter 7 bankruptcy, a business stops operating, liquidates its assets and uses the proceeds of the sale to pay creditors. Advantages of filing for Chapter 7 bankruptcy are that 1) debts are reduced and 2) the court issues deadlines for debt payment and business liquidation, thus preventing the company's closing from being indefinitely delayed.
Chapter 11 bankruptcy allows a company to reorganize under a court-arranged debt repayment plan and remain in business. Management continues to run the day-to-day business operations, but the bankruptcy court must approve all significant business decisions.
Financial Reorganization in the form of Business Bankruptcy May Be the Answer to Your Business's Challenges
Together we can determine whether business bankruptcy will better serve the interests of your organization, as opposed to simply shutting down its operations. The financial state and business prospects of a firm usually dictate the best course of action. An experienced bankruptcy lawyer can review your situation, assist you in your decision and provide effective representation. The law office of Michael E. Benson, Attorney at Law can help you during these difficult times.
Contact Us
Call or e-mail us if you have questions or need legal representation. Our Columbus Bankruptcy attorney has 10 years of experience and has helped many businesses solve their challenging financial problems. Our rates are reasonable; often a small down payment is all that is needed to accomplish the protections offered by bankruptcy. Contact us today at 614-428-0095 to schedule a free initial consultation.