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Business Bankruptcy

If you are a business in Merced, California and are considering filing bankruptcy it is imperative that you understand the differences between a Chapter 7, Chapter 11 and a Chapter 13 Bankruptcy. Understanding what makes each of these bankruptcy options viable is the stepping stone to deciding how best to handle your business debt.  

Chapter 7 – This is a complete liquidation of all assets. Your property and assets will be sold and the money generated given to your creditors. With this plan your business will probably need to close and you will most likely lose your property. 

Chapter 11 – This is a reorganization of your debt. You will be required to come up with a reorganization plan and see it through to completion. With this plan, you will get to keep your business and it can continue to run as usual. 

Chapter 13 – This plan is for those needed assistance in developing a repayment plan. You will make payments to a trustee and they will handle getting your creditors paid and eliminating your debt. With this plan, you get to keep your property.

Other things to consider when deciding between the different plans are:

If it is probable that the conditions that got you into debt to begin with will occur again, Chapter 7 Bankruptcy is most likely your best bet. Other considerations when thinking about Chapter 7 bankruptcy:

There are tons of bankruptcy attorneys out there. How do you begin to pick the right law firm for you? Here are some things to consider:

Those seeking to file bankruptcy in Merced will need a strong bankruptcy attorney with plenty of experience. Call the Law Office of Jeffrey D. Rowe today to discuss your bankruptcy options.