You Have Options.
Loan & Debt Negotiations
Our team includes experienced business lawyers who can help our clients negotiate modifications to their loan agreements and other debt obligations. Sometimes bankruptcy or major reorganization is not the best option, in which case we can often renegotiate certain debts on a case-by-case basis.
Chapter 7 Liquidation
Chapter 7 bankruptcy is an orderly liquidation process where a trustee is appointed to wind down any remaining affairs of the company and deal with the debts. This option is best for clients who are ready to close their business, hand over the keys, and move on with their lives as quickly as possible.
Chapter 11 Reorganization
Chapter 11 is an option for business owners who need breathing space from debt or litigation issues and want to continue operating their business while developing a plan to to reorganize with a payment plan to creditors (often eliminating large amounts of debt in the process), sell their company, or conduct an orderly wind-down. This option is best for business owners who would like to stay in the driver’s seat while managing the process.
Chapter 12 Reorganization
Chapter 12 bankruptcy is specifically available to owners of family farms and fisheries. It includes a repayment plan with greater flexibility in light of the unpredictability associated with these operations. Filing will automatically stop collection actions, garnishments, and litigation.