Is Bankruptcy The Right Choice For Your Business?
Like an individual consumer, a business sometimes finds itself in the distressing situation of being unable to pay its debts. Businesses have the option to file for bankruptcy in federal bankruptcy court, which would release the business from some or all of their debt obligations. At Case & DiGiamberardino, P.C., our experienced Pennsylvania bankruptcy lawyer can advise your business about whether bankruptcy is right for you.
Bankruptcy Choices For Small Businesses
Like consumers, businesses have a choice between alternate types of bankruptcies. Businesses usually choose either Chapter 7 or Chapter 11, but the choice between Chapter 7 and Chapter 11 is not always permanent. There is also Chapter 12, which is bankruptcy designed for fishers and farmers.
Under certain circumstances, once bankruptcy proceedings have begun, the court can convert the case to a different chapter. Additionally, on occasion, businesses may face involuntary bankruptcy due to creditors.
Chapter 11 bankruptcy, often referred to as reorganization bankruptcy, is utilized by small businesses and large corporations alike. Chapter 11 gives your business the breathing room it needs to begin dealing with debt. Chapter 11 can most likely achieve the following:
- Give your business some breathing room from the IRS
- Stop creditors from calling all day long
- Consolidate your business debts into one comfortable monthly payment that your company can afford
- Keep the valuable remaining assets of your business from draining away
- Keep your business doors open and continue to operate while restructuring your finances
- Reorganize your company so that it runs more efficiently
- Understand the cause of your business’s financial difficulties and make the necessary changes so that it doesn’t happen again
By hiring an experienced and trusted lawyer from Case & DiGiamberardino, P.C., you can ensure that the Chapter 11 bankruptcy process goes as smoothly as possible. It can make the difference between closing down and remaining sustainable. Learn more on our frequently asked questions page.
Get Started With A Pennsylvania Commercial Bankruptcy Attorney
Don’t let your business go under. Our attorneys are ready to answer your commercial bankruptcy questions and help your business get back on the right track. Contact our experienced southeastern Pennsylvania bankruptcy law firm today to discuss your case. We serve clients located in Lancaster, West Chester, Reading, Wyomissing and Malvern. Contact Case & DiGiamberardino, P.C., at 610-936-6650 or send us an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.