| Business Bankruptcy |
 When the liabilities of your business outweigh your assets, a business bankruptcy can be a powerful tool to help you liquidate your assets and move beyond your debts or help you restructure your business to continue operating and become profitable once again.Chapter 7 and Chapter 13 are some of the main types of bankruptcy. Both individuals and sole proprietors may be able to file a Chapter 7 or 13 bankruptcy. It is crucial that you discuss your needs with our bankruptcy attorney in Los Angeles to determine which filing may be the best choice for you. When a business files for Chapter 7 bankruptcy, it will cease business operations, and its assets will be liquidated in order to pay off any debts owed to its creditors and investors. Secured creditors, often banks, will generally be paid first, followed by unsecured creditors and judgment creditors. However, federal business bankruptcy laws will govern the order in which creditors will be paid. Chapter 13 bankruptcy is usually for individuals, but it may also be an appropriate filing choice for some sole proprietors or individual business owners. Many times, a business bankruptcy factors outside your control contribute to the need for a business bankruptcy, but experienced legal representation can help you regain your control. Our bankruptcy lawyer in Los Angeles can provide your with invaluable legal advice as you determine the most appropriate course of action to take in the days ahead. Bankruptcy can allow a business the opportunity to liquidate and compromise with its creditors. Our bankruptcy lawyer will help your business explore its options and assist you through every step of the process, from filing the petition to the court-ordered discharge of your debts. |