Will I Lose My Business if I File for Bankruptcy?
The Law Offices of Allen A. Kolber, Esq. has been a legal resource for small to mid-size businesses in Rockland County and the Hudson Valley for over 35 years. Our firm works with business owners to maintain income and revenue, while restructuring or stripping down debt and bank lines of credit. Our firm has significant experience helping business clients through Chapter 7 and Chapter 11 business bankruptcy matters. If your business needs quality legal services from an experienced Bankruptcy and Business Law firm, contact a skilled Rockland County business bankruptcy attorney from The Law Offices of Allen A. Kolber, Esq. today.
Our Business Bankruptcy Services
Chapter 7 business bankruptcy
When a company no longer has a realistic way to pay its debts, Chapter 7 Bankruptcy may provide an orderly process for closing the business and liquidating its property. A Bankruptcy Trustee generally takes control of the business assets, sells qualifying property, and distributes the available proceeds among creditors according to the priorities established under Bankruptcy law.
Chapter 11 business bankruptcy
Chapter 11 Bankruptcy may allow a financially troubled business to reorganize its obligations without immediately closing its doors. During this process, the business can generally continue operating, earning revenue, and employing its workers while developing a court-approved Plan for addressing its debts. Depending on the circumstances, the business may be able to renegotiate certain obligations, improve its cash flow, and place itself in a stronger financial position going forward.
Business debt restructuring
Filing for Bankruptcy is not necessarily the only option for a business facing substantial financial pressure. In certain cases, it may be possible to restructure business debt outside of Bankruptcy Court by negotiating directly with creditors. These negotiations may involve reducing interest rates, extending repayment terms, modifying outstanding balances, or reaching another workable arrangement. An attorney can assess the company’s debts and help determine whether an out-of-court solution may provide a practical path forward.
Contact a Business Bankruptcy Attorney in Rockland County, New York
No matter the financial struggles your business is facing, you can depend on a knowledgeable and skilled Rockland County business bankruptcy attorney from The Law Offices of Allen A. Kolber, Esq. to work toward the best outcome possible on your behalf. With over 35 years of experience representing individuals throughout the Hudson Valley, you can depend on us to effectively represent you, too. Contact us for a free initial consultation today so we can discuss your circumstances.
