With experience working in business bankruptcy, Thomas K. McKnight's team of bankruptcy attorneys offers more than just a "one-size-fits-all" bankruptcy approach. Our team consults with you to look at all of your options-- both bankruptcy and non-bankruptcy-- and develop a solution that is specific to your type of business, your personal liability, and the kind of creditors you're dealing with.
If bankruptcy is the right option for your business our team can guide you through either:
- Chapter 11 Business Bankruptcy
- Chapter 7 Business Bankruptcy
- Subchapter 5 Small Business Bankruptcy
Each type of business bankruptcy has distinct benefits, but the option you pick depends on your personal goals, your business goals, and your business's unique case.
When your business is overwhelmed with debt and can't stay on top of payments, business bankruptcy might feel like the only option. But business bankruptcy is much more complicated than personal bankruptcy. A one-size-fits-all approach will not work. You need personalized, experienced 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 revenue untouched. Also referred to as the "reorganization" bankruptcy, Chapter 11 makes it possible for your business to stay in business while working out payment arrangements with creditors. There are no debt restrictions, and a trustee is usually not appointed to run your company or manage 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. Often referred to as the "liquidation" bankruptcy, a Chapter 7 bankruptcy stops business operations and gives the court power to liquidate its assets and pay what it can to business creditors. When the liquidation is complete and the proceeds have been paid to creditors, the company will not owe any remaining debts.