People and businesses of all types have been through bankruptcy. If you pay attention to the news, you've probably heard about some of the largest and most well-known companies in the country declaring bankruptcy – companies such as General Motors, Delta, and Kodak. In many cases, these businesses are able to successfully reorganize and become quite profitable after bankruptcy.
Are you a business owner considering bankruptcy?
Learn about your options and how we can help!
Call 480-802-4647 for a FREE consultation.
Whether it's for a small family business or a large corporation, bankruptcy is designed to help businesses gain control of financial problems. At the Neeley Law Firm, we help all types of businesses explore their debt relief and bankruptcy options. Whatever your current situation, needs, and goals may be, our firm can help you find the right solution.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy involves liquidation and is used by businesses that do not have the resources to restructure debts and remain in operation. In Chapter 7 bankruptcy, assets are sold and used to pay creditors. All partnerships, limited liability companies, and corporations are eligible to file under Chapter 7, as well as certain individuals who operate small businesses as sole proprietorships.
Chapter 11 Bankruptcy
Chapter 11 bankruptcy involves the reorganization of debts. By reorganizing debts, businesses are often able to avoid liquidation and remain in operation. Chapter 11 reorganization can be tailored to fit the unique needs of a business. Chapter 11 has few eligibility requirements and is available to any business owned by an individual, limited liability company, or a corporation.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is another option for restructuring debts. It is available only to small businesses owned and operated by individuals (sole proprietorships). Individual business owners must also meet certain eligibility requirements in order to file.
Sometimes it's possible for a business to avoid bankruptcy altogether through skillful negotiations with the business' creditors. We will take the time to understand your business' financial situation and discuss your business' needs and goals. This way, we can work side by side with you to decide if non-bankruptcy business reorganization is a good option.
Request a FREE, Personalized Case Evaluation
Should you choose to work with the Neeley Law Firm, you will always have an experienced attorney by your side. Our Arizona bankruptcy lawyers work personally with our clients, and we take the time to understand what you want to achieve. We will help you explore your available options, whether you qualify for a certain Chapter, and how we can help from start to finish.
For more information about business bankruptcy, call 480-267-9046 for a FREE consultation or book an appointment online.