What are my Business Bankruptcy Options?

The recent economic downturn created financial challenges for many businesses. Even aggressively cutting expenses down to a minimum cannot make up for a shrinking customer list. And remaining customers may face their own financial challenges, leaving you with unpaid invoices and unable to pay your own bills. By seeking help from experienced Utah business attorneys as soon as you foresee financial issues, you can often obtain the guidance and representation you need to turn your circumstances around. But in some cases, they may recommend bankruptcy as the best option for resolving serious debt issues.

You can find an abundance of information about bankruptcy by using the United States Courts website. Some businesses choose Chapter 7 liquidation bankruptcy to end debt through partial repayment by selling off assets and closing operations. Those that want to find ways to manage their debt and keep their doors open for business typically choose Chapter 11 reorganization bankruptcy. Under this option, businesses negotiate new loan terms with all creditors so they can repay them over an extended period of time, typically three to five years. Sole proprietorships or other businesses may choose Chapter 13 in place of Chapter 11 if they file individual tax returns.

While filing bankruptcy provides business owners with a fresh start, it involves a complex process that includes meeting qualification requirements, preparing detailed accountings of all debt and assets and filing within a federal bankruptcy court. All too often, any errors made during the process can stop the bankruptcy – or cause businesses to emerge from bankruptcy still facing debt. A Salt Lake City business lawyer with an understanding of business operations and accounting, as well as experience filing and negotiating terms of bankruptcy, can guide you through your bankruptcy and help ensure you emerge debt-free.

If you need a business attorney to advise or represent you when your business faces financial challenges, the attorneys of Hanks & Peterson, P.C. are here to help. We apply tenacity, judgment and high ethical standards to every area of our practice. If you want to explore bankruptcy or other debt relief options for your business, our firm offers an effective alternative to impersonal and expensive big firms.

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Working with the Hanks and Peterson firm was very satisfying. We were able to get good works accomplished. I was very happy with the final result. - A.G.

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