To learn more about the bankruptcy options available to your business, it is recommended that you consult with an experienced bankruptcy professional who is well-versed in business bankruptcy law. You must ensure that you have as much information as possible to successfully navigate difficult financial circumstances.
Chapters of Corporate Insolvency
During a financial crisis, two primary forms of bankruptcy can assist business proprietors. Filing for these types of bankruptcy can be difficult and time-consuming. A seasoned legal team can assist with this procedure. Examples of commercial insolvency include:
In Chapter 7 bankruptcy, assets can be liquidated to pay off debts, and purchasers can purchase a portion or the entire business.
In Chapter 13 bankruptcy, the business proprietor continues to operate while adhering to a new repayment plan to repay creditors.
Contact an experienced bankruptcy attorney today to gain a deeper understanding of these two types of business bankruptcy. There are a variety of options available to business proprietors who want to regain financial and business control after experiencing financial difficulties.
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