With experience working in business bankruptcy, Thomas K. McKnight's team of bankruptcy attorneys offers more than just a "one-size-fits-all" bankruptcy process. Our team consults with you to consider 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 type of creditors you're dealing with.
If bankruptcy is the right choice for your business our team can walk you through either:
- Chapter 11 Business Bankruptcy
- Chapter 7 Business Bankruptcy
- Subchapter 5 Small Business Bankruptcy
Each type of business bankruptcy has distinct advantages, but the option you choose depends on your personal goals, your business goals, and your business's unique situation.
When your business is swamped with debt and can't keep up with payments, business bankruptcy may 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 customized, skilled business bankruptcy representation. That's where we come in.
Chapter 11 Bankruptcy
A Chapter 11 bankruptcy enables a business to restructure debt while keeping business assets and revenue untouched. Also known as the "reorganization" bankruptcy, Chapter 11 makes it possible for your business to remain 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 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. Often known 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 done and the proceeds have been paid to creditors, the company will not owe any remaining debts.
For more information about a Business Bankruptcy Lawyer in Santa Ana, California, contact Thomas K. McKnight LLP at (800) 466-7507 or visit our website at TKMLLP.Com for a free consultation!