Financial Reorganization and Business Bankruptcy
Maybe your business is operating at a profit, but debt service on a maxed-out line of credit is diverting funds needed to maintain operations. Or maybe the business is no longer viable due to a downturn in the economy, a technological advance that makes your product obsolete, or simply because you no longer have the interest or energy to continue to run the business.
State laws provide many protections and avenues for relief for a business in any of these situations. Often a business can wind down or reorganize its financial situation without the need for the relief provided by the bankruptcy courts. Attorneys experienced in bankruptcy proceedings can use their knowledge of the bankruptcy process to negotiate with creditors in an effort to avoid a bankruptcy proceeding. This same knowledge base is helpful in limiting the business owners’ personal exposure arising from personal guarantees and tax problems.
And sometimes a situation can only be resolved through the Chaper 11 bankruptcy reorganization process.
The lawyers at Maselli Warren, P.C. have been helping financially stressed businesses for more than 15 years. Their approach is to attempt to resolve issues without the filing of a bankruptcy petition, and their experience allows them to protect and assist their clients when a Chapter 11 reorganization is the only option.