Chapter 11, Chapter 7 and Bankruptcy Alternatives
The law firm of Wade Grimes Friedman Sutter & Leischner PLLC has extensive experience in small business bankruptcy. Our attorneys have helped companies keep the doors open through Chapter 11 reorganization, and have helped business owners discharge their losses through Chapter 7 liquidation.
Either path is a hard decision, and must be based on a realistic assessment of the numbers. The knowledgeable attorneys of Wade Grimes Friedman Sutter & Leischner PLLC have decades of experience in bankruptcy law, and want to help find the best solution for your small business.
We advise LLCs, corporations, partnerships and sole proprietor businesses throughout Alexandria, Arlington County, Fairfax County, Loudoun County and Prince William County, and Northern Virginia. Call 703-836-9030 to explore your options.
Small Business Bankruptcy
Chapter 11 bankruptcy is available to high-income individuals carrying a lot of debt, but is primarily intended to allow an ongoing business restructure its debts. Successful reorganization is dependent on obtaining the acceptance of creditors and approval by the court for the reorganization plan.
A Chapter 11 bankruptcy is expensive, complicated ... and rarely successful. Wade Grimes Friedman Sutter & Leischner PLLC will run the numbers to help you determine if Chapter 11 is feasible for your small business.
For many small business owners, business debt is also personal debt. If you borrowed on credit cards to keep the business going or put your home up as collateral for business loans, you have to consider your personal exposure if the business fails.
If reorganization is unlikely to succeed, it may be prudent to liquidate the business and file for individual Chapter 7 bankruptcy to protect your own assets from creditors. It may be possible to exempt tools of the trade or equipment that can be used to start a new business.
Experienced Law Firm Rooted in the Community
The lawyers of Wade Grimes Friedman Sutter & Leischner PLLC will explore small business bankruptcy and bankruptcy alternatives with you, including direct negotiations with creditors or a loan workout with your lender. Contact us today to schedule a free initial consultation to discuss business bankruptcy and bankruptcy alternatives.
The Law Offices of Wade Grimes Friedman Sutter & Leischner PLLC is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.