Glendale Chapter 11 Bankruptcy Attorney

Helping Businesses File for Chapter 11 Bankruptcy

Starting and keeping a business running can be a complex endeavor. Securing financing, setting up a successful marketing plan, paying rent and utilities, keeping up with bill payment, paying employees, maintaining sufficient stock and other supplies, as well as paying state, local and other taxes, can prove to be quite difficult. Should your business not bring in sufficient income in order to cover all your expenses, staying financial viable can become next to impossible.

For corporations or businesses that are in need of significant reorganization and refinancing in order to prevent complete insolvency, and keep their business alive, filing for bankruptcy may be the only option they have left. Where an individual would commonly file for Chapter 7 bankruptcy, sole proprietorships and corporations commonly file for Chapter 11 bankruptcy. Of course, Chapter 13 bankruptcy may be an option as well, however there are debt and income limits which must be met in order to qualify.

After a business files for Chapter 11 bankruptcy they are granted an automatic stay which prevents creditor harassment, repossessions and other bill collection actions which could impact their ability to successfully rebuild their business. Following that, the business is granted time to present a full plan of reorganization. Part of that Chapter 11 bankruptcy plan requires the negotiation and establishment of a payment plan for creditors which would either require them to take a small percentage of what they are owed, or accept payments over an extended period of time.

During a Chapter 11 bankruptcy proceeding, the owners of the business maintain control of their assets and of the business itself, however they will be subjected to review and oversight of the bankruptcy court. If you have found yourself with a floundering business and are unable to see a light at the end of the tunnel, yet do not wish to lose your business, we advise you to contact a Glendale bankruptcy lawyer at The Law Offices of Khachik Akhkashian right away.

Chapter 11 Bankruptcy Attorney Serving Montrose and La Crescenta

If you and your business have ended up in a situation where you are unable to keep up with paying bills, you've exhausted a variety of options including the various alternatives to bankruptcy, and want to do whatever it takes to protect and keep your business alive, then we advise you to contact our firm. We know running a business can be tough. Whether the economy has taken a toll, changes in demand for certain products, or any other factor which may have contributed to your current financial state, there is hope.

We understand what you may be going through and with over 10 years experience practicing bankruptcy law, we are here to help you. We will review your circumstances, evaluate your current situation and advise you of the best course of action. We know there is life after bankruptcy and we are dedicated to giving our clients the representation they deserve to get them back on the path to success.

Contact a Glendale Chapter 11 bankruptcy attorney at our firm today in order to get your bankruptcy questions answered and determine whether Chapter 11 bankruptcy may be right for you.