Why You Need a Business Bankruptcy Attorney
If your business has become financially troubled, you may consider filing for bankruptcy. A Business Bankruptcy Attorney can help you understand your options and decide whether or not bankruptcy is the best solution for you and your business.
Depending on the current financial situation, your business will need to either restructure debt obligations or liquidate assets. Using the right strategy can help your business recover and avoid going out of business completely.
A good Business Bankruptcy Attorney in Phoenix will help you make the right decisions for your company. They will take a hard look at your finances and determine the best way to get you out of debt without harming your business or your personal financial health.
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They will also help you plan for the future of your business and keep your personal assets out of the bankruptcy estate.
The best Business Bankruptcy Attorney in Phoenix will have experience representing businesses and their owners in a wide range of situations. This includes filing business bankruptcies for sole proprietorships, corporations and partnerships; protecting their assets and liabilities through bankruptcy; and helping them reorganize their business loans and debts under the Bankruptcy Code.
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In a chapter 7 business bankruptcy case, the court will appoint a trustee who oversees the company’s affairs. The trustee is tasked with determining which of the company’s assets are exempt from sale or distribution to creditors. This is based on various factors including the nature of the business, its profitability and the company’s industry.
Once the trustee has determined which of the company’s assets are exempt, he will then sell those assets to pay off the business debts. In addition, he can sell the assets to pay back other business owners who are personally liable for the company’s debts.
Another important aspect of the bankruptcy process is the first meeting of creditors, also called a 341 Meeting. At this meeting, creditors can appear and ask questions to the debtor under oath. The debtor is required to answer the questions and then swear or affirm that they have complied with the law and the schedules in the bankruptcy petition.
The bankruptcy process is very complex and can be time consuming. It is crucial that you have a competent lawyer to represent you at all stages of the process.
It is essential to choose a Business Bankruptcy Attorney who will handle your case professionally and with care. A lawyer who is not familiar with the ins and outs of the bankruptcy law can cause you significant problems, which could lead to the bankruptcy being denied or delayed.
Moreover, choosing the right lawyer for your case requires careful research and analysis. It is a good idea to talk with several lawyers before making a decision.
In addition, you should look at their website and other advertising materials. If they are primarily focused on personal bankruptcy, you should not hire them to represent your business.
If you are looking for the best Business Bankruptcy Attorney in Phoenix, look no further than Burch & Cracchiolo. The firm has been providing high caliber legal assistance since 1970 and has a team of attorneys and paralegals who are among the most experienced in the state. The legal professionals are committed to offering clients superior services and personalized attention to each of their cases. They have extensive experience in corporate bankruptcy and litigation, specializing in commercial law.