When you find yourself in the position to consider bankruptcy, there are two factors you should include in your thinking. First of all, you should discuss your situation with a legal professional so you’ll understand the options and the effects of each one. In addition, you must decide, with the help of that professional, if you’re going to reorganize or choose the path often called liquidation.
Chapter 7, Chapter 11
Suppose you decide your business, which is primarily an extension of the owner’s skills, really has no future, and you begin to look for business bankruptcy attorneys. You may be best served with a Chapter 7 bankruptcy. This process is best if business debts are overwhelming to the point that restructuring to continue is not advised. It may also be that the business doesn’t have substantial assets, so this method generally means the business will no longer exist.
If you feel the business does have a future, it’s probable you and your legal adviser will choose a Chapter 11 bankruptcy, in which a company reorganizes and continues to do business. When you work with one of the top business bankruptcy attorneys in Toms River, NJ, they will tell you a court-appointed trustee is in place to conduct business and deal with creditors, under the reorganization plan. Creditors have input on the plan, which the court must determine is equitable and fair for all involved.
Even when you work with the best Toms River, NJ business bankruptcy lawyers you should understand the process can take quite a long time. Chapter 11 plans may take a year or longer, so you’ll need experience on your side. When you need the help of business bankruptcy attorneys, this is your source for reliable and honest legal help. Give these experts a call today and ask about a free consultation.