Business Bankruptcy in Ohio Can Be a Positive Situation
Chapter 11 Bankruptcy Lawyers
Chapter 11 Bankruptcy
When many people think of business bankruptcy, they think of Chapter 11 bankruptcy. While it is true that this form of bankruptcy is designed specifically for businesses, it is not the only option available to businesses. In fact, after a careful assessment of your situation, our lawyers may recommend another option, such as Chapter 7 or Chapter 13 bankruptcy.
One of the many situations in which Chapter 11 does not make sense for a business is when the business’s principals or owners may be individually liable for the business’s debts. In other words, while Chapter 11 may protect the business itself, it does not protect owners and partners on an individual basis. In that case, a Chapter 7 or Chapter 13 may be the better option to discharge the business debt and protect the liable owners and partners of the business.
Bankruptcy Based on Your Business Goals
Prior to determining which option to pursue, one very critical issue will need to be addressed: Do you want to keep the business open or do you want to close your business? Bankruptcy does not mean your business has to close. In fact, it can help your business get the fresh start it needs to succeed.
If you do want to keep your business open, we will certainly not discourage you. We understand that many business owners work hard to establish a reputation for their businesses. That reputation has value, and simply shutting down and reopening under a different name may diminish that value. In many cases, the filing of a bankruptcy helps eliminate the burdensome debt to allow the business to operate successfully.
Sometimes, the amount of debt may make it impossible to salvage the business. The business may need to be shut down so the debts can be eliminated. You will still be able to get a fresh start and even start a different business under a different name.
Our lawyers have the skill to assess your options and get creative in order to help you achieve your goals and overcome your business debt.
Contact Us for Your Free Initial Consultation
At our law firm, we understand that you work and that you have time constraints. We strive to make our services and appointment times as flexible as possible. We are happy to arrange meetings on evenings and weekends as necessary. We serve clients throughout the Lebanon, Mason, Middletown, Wilmington, Hillsboro, and Batavia areas. Serving Clients Throughout Butler, Clermont, Clinton, Highland, Warren Counties & Surrounding Areas as well.
To discuss your case with one of our Cincinnati and Dayton area business bankruptcy attorneys, contact us today.