As a business owner, you may find yourself in an unfortunate financial circumstance. Falling profits and mounting debt may have brought you to the point that you are forced to consider bankruptcy as a last ditch effort. You may be seeking to walk away from your business with as few losses as possible, or you may be looking for the opportunity to reschedule your payments in order to get a leg up and stay in business. Experienced Bankruptcy Attorneys in Henderson can step you through the process, review all documentation for accuracy, and file your case with the courts. Here are the basics when it comes to filing for bankruptcy.
First, you need to find Bankruptcy Attorneys in Henderson that you can trust to help you through your bankruptcy. You want to find attorneys that are experienced and knowledgeable in working with commercial bankruptcies, and that also have experience working with creditors. This experience will be to your best interest and assist you in obtaining the best outcome. Just be sure that the attorneys you choose do not have a business relationship with you, your business partners, or any of your creditors, as this would present a conflict of interest.
Once you have selected Bankruptcy Attorneys from Henderson, you will meet with them to determine whether or not your business is realistically salvageable. If a reorganization and repayment plan is in your best interest, you will be filing for Chapter 11. On the other hand, if you determine your financial circumstance to be irreparable, you will be filing for Chapter 7 and seeking to discharge as much of your debt as possible.
No matter which type of bankruptcy you choose, a Bankruptcy Means Test will be used to see if you qualify for filing. If you do, you will need file a voluntary bankruptcy petition with the court and to provide debt and income verification. This petition will include a lot of required documentation including a list of all your creditors, the amount you owe each of them and the net income of yourself and any business partners. You will also have to provide various schedules that will overview items such as your real property, personal property, and property claimed as exempt.
If you plan to file for Chapter 7, be advised that you may not be completely absolved from all your debts. If filing for Chapter 11, you will need to work with your Bankruptcy Attorneys in Henderson to create a debt management plan that will illustrate to the court how you plan to restructure your business and repay your creditors over a five year period.
