When a business longer has sufficient cash flow or credit to pay its debts or operate its business, it can seek legal protection from creditors by choosing to file for bankruptcy under the US Bankruptcy Code.
Businesses that are organized as a Corporation, LLC or Partnership, are eligible to file a Business bankruptcy in the business's name. The options available for a business are: Business Chapter 7, where the business stops operating permanently, or; Chapter 11, where the business' debts are reorganized in an effort to return to profitability.
If your business is not a corporation, LLC or partnership, you are likely conducting business as a sole proprietor. In that case, you are personally responsible for the assets and liabilities of the business and you should visit our personal bankruptcy page.
Chapter 7 bankruptcy is the fastest and most common form of bankruptcy. A Chapter 7 bankruptcy eliminates most types of debt with court protection. While some debtors will have to give up luxury items, such as vacation homes, or expensive cars; most filers do not.
MoreIndividuals and families who have sufficient income to repay a portion of their debts over time must file a Chapter 13 Bankruptcy. In a Chapter 13, your attorney will create a debt repayment plan known as a "Chapter 13 Plan." The term of the repayment period typically lasts for three to five years.
MoreIf you are facing foreclosure, a Chapter 13 bankruptcy can be a powerful tool in saving your home. A Chapter 13 will stop any foreclosure proceedings against you as long as the petition is filed prior to the completion of the foreclosure sale.
MoreAn adversary proceeding in bankruptcy is a separate lawsuit filed within the bankruptcy case. Like most lawsuits, it starts when someone (the creditor, the bankruptcy trustee, or you) files a complaint.
MoreAfter a bad divorce and foreclosure on my house, not to mention a list of other debts, I found myself with no way out. I turned to Dax in my time of need of professional help. He was understanding and assured me things would be fine. Through his professionalism and knowledge I was able to successfully file bankruptcy.
Dax was well informed and prepared to help me through this difficult process. It would have been rough if I had to have done this on my own.
We would highly recommend Attorney Dax Grantham. He is knowledgeable, easy to talk with, and highly effective! We couldn’t have asked for a better attorney ! We were overwelmed, Attorney Grantham quickly guided us thru the process of Chapter 7 Bankruptcy, We got our discharge and We were able to save our house at a very reasonable rate thanks to him.
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