When you own a business that is in financial distress, you may be wondering just what options you have in the state of New York. Sometimes filing for bankruptcy is a useful way to help you reorganize your business and get it back on track financially. However, in order to make a sound decision about whether or not to file, it pays to consult with a knowledgeable bankruptcy lawyer. There are two types of bankruptcy for which a business may file, which are Chapter 11 and Chapter 7 bankruptcy. Even so, filing for bankruptcy is not free and has its pros and cons. That’s why getting the advice of an experienced business bankruptcy lawyer can help you make a decision that truly serves you and your business.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy is sometimes a good option for businesses whose managers wish to continue operating the business while reorganizing itself so that a plan is made to at least partially pay off debts to creditors over time. In Chapter 11 bankruptcy, the business continues operation under the protection of the bankruptcy court. This gives the business a chance to recover from its financial distress and move forward with a clear financial path. Know more about Stop Foreclosure in Lindenhurst and Melville.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is an option for a business that is in so much debt that it has little hope of being able to recover. In this type of bankruptcy, all assets are collected by a designated trustee and then liquidated and sold. While the business may continue to operate for a short time, it will ultimately close.
Call to Schedule a Free Consultation With a New York State Bankruptcy Lawyer Today
If you want to learn more about business bankruptcy, call to schedule a free consultation with a Long Island bankruptcy lawyer today. At the Law Offices of Scott R. Schneider, we can help you make the important financial decisions about your business that work best for you. We serve the towns of Long Island, Melville, Lindenhurst and surrounding Nassau and Suffolk County communities. Visit our website at https://nassaubankruptcyattorney.com or call us at (516) 433-1555. Let our experienced legal staff give you advice you can trust.
Better Business Bureau
Bankruptcy Practice Spotlight
If you are facing a possible foreclosure, I can take my two-plus decades of experience to help you save your house.
I understand how stressful the prospect of losing a house can be and am committed to working one-on- one with you to understand all details involved in your financial situation.