With experience working in business bankruptcy, Thomas K. McKnight's team of bankruptcy attorneys provides more than just a "one-size-fits-all" bankruptcy approach. Our team works with you to consider all of your options-- both bankruptcy and non-bankruptcy-- and develop a solution that is specific to your kind of business, your personal liability, and the type of creditors you're dealing with.
If bankruptcy is the right choice for your business our team can guide you through either:
- Chapter 11 Business Bankruptcy
- Chapter 7 Business Bankruptcy
- Subchapter 5 Small Business Bankruptcy
Each kind of business bankruptcy has distinct benefits, but the option you choose depends on your personal goals, your business goals, and your business's unique situation.
When your business is overwhelmed with debt and can't keep up with payments, business bankruptcy may seem like the only choice. But business bankruptcy is a lot more complicated than personal bankruptcy. A one-size-fits-all strategy will not work. You need customized, skilled business bankruptcy representation. That's where we come in.
Chapter 11 Bankruptcy
A Chapter 11 bankruptcy allows a business to restructure debt while keeping business assets and earnings untouched. Also referred to as the "reorganization" bankruptcy, Chapter 11 makes it possible for your company to remain in business while working out payment plans with creditors. There are no debt restrictions, and a trustee is generally not appointed to run your company or handle your money, though one can be appointed if needed.
Chapter 7 Bankruptcy
Different from a Chapter 7 personal bankruptcy, a Chapter 7 business bankruptcy lets owners turn their business over to a trustee for an orderly liquidation. Frequently referred to as the "liquidation" bankruptcy, a Chapter 7 bankruptcy ceases business operations and gives the court power to liquidate its assets and pay what it can to business creditors. When the liquidation is done and the proceeds have been paid to creditors, the company won't owe any remaining debts.