It’s a sad reality, but not every business is destined for greatness – and sometimes you need help from a failed business bankruptcy lawyer in Fort Worth, Texas. It’s not rare for a business to shut down because of mounting financial pressure. If your business is failing, it may be time to declare bankruptcy.
Bankruptcy can be intimidating, but it’s no time to panic. Sometimes bankruptcy is a way to finally get your business out from under serious debts and depending on the type of bankruptcy you choose, you’re not even going out of business. Instead, you’re living to fight another day.
However, unlike declaring personal bankruptcy, declaring corporate bankruptcy is a bit more complicated. Instead of paying off your own creditors, you’re paying off your company’s creditors and investors. And instead of dealing with your own finances, you’re dealing with the finances of your company.
Corporate bankruptcy takes a lot of work, and failed business bankruptcy lawyers in Fort Worth, TX are standing by with the right answers to all your questions. Read on to learn more about your bankruptcy options for your business, and see how the professionals at Leinart Law Firm can help.
What are my Options for Corporate Bankruptcy?
When it comes to declaring bankruptcy for your business, you have two choices. You can choose to file Chapter 7 bankruptcy, or Chapter 11 bankruptcy. Depending on your assets and the attitudes of your investors and creditors, you might want to choose one over the other.
- Chapter 7 bankruptcy: Chapter 7 bankruptcy is also known as liquidation bankruptcy. It involves selling off all the assets of your company and completely folding your business. If you resort to Chapter 7 bankruptcy, you’re going out of business and folding your company completely. The money you get from selling off all your assets will go to your investors and creditors.
- Chapter 11 bankruptcy: As an alternative to Chapter 7, you can file Chapter 11 bankruptcy instead. Chapter 11 bankruptcy means management still oversees the day-to-day operations of the company, but any major decisions must be made by a bankruptcy court. When you file Chapter 11 bankruptcy, you’re establishing a plan to salvage your company, without going completely out of business. This is why declaring Chapter 11 bankruptcy is oftentimes referred to as “restructuring”.
How Can a Failed Business Bankruptcy Lawyer Help Me?
Declaring bankruptcy isn’t an easy task, and it can be completely overwhelming for the uninitiated. Fortunately, when you get in touch with an experienced bankruptcy lawyer, you get a helpful guide and source of information who can see you through the bankruptcy process.
When you get in touch with Leinart Law Firm, you get a valuable resource who can help you navigate the bankruptcy process – and a valuable resource who can help you decide on what type of bankruptcy better suits your needs. Don’t panic and don’t stress: Get in touch with the Leinart Law Firm today, and see how our failed business bankruptcy lawyers in Fort Worth, TX can help.