Ganje Law Office

Archive for November, 2009

Bankruptcy Lawyers Make Corporate Bankruptcy Easier and Less Stressful

Why should you turn to a bankruptcy lawyer when your business is in trouble? Because these professionals can make the process of filing a corporate bankruptcy easier! Contact your local bankruptcy attorney today.

For many companies facing financial difficulties, the first question that comes up is, “Why should I use a bankruptcy attorney?” Oftentimes the issue is rooted in money concerns, with small business owners wondering if they can afford to hire a bankruptcy attorney. But when it comes to corporate bankruptcy, the better question is can you afford not to hire a bankruptcy lawyer?

To start with, a bankruptcy attorney is a professional in the industry. That means he or she has years of experience dealing with situations like yours. While it may feel like you’re all alone, when you hire a skilled corporate bankruptcy attorney, you suddenly have a professional batting for you. Not only can this expert best argue your side in a courtroom, he or she may also be able to find a bankruptcy prevention solution.

In many cases, it’s easy for business owners to simply become overwhelmed by their financial obligations and debts, and assume that filing for bankruptcy is the only option. However, there are sometimes better alternatives, including financial workouts and debt restructuring. Even if you’ve given up all hope, your bankruptcy attorney may be able to identify an alternative to bankruptcy protection and work with your debtors to resolve your money problems out of court.

Finally, hiring a bankruptcy attorney allows you to focus on rehabilitating your business while he or she deals with resolving your company’s debt issues. From stopping the harassing phone calls from creditors to working on debt restructuring or bankruptcy negotiations, your bankruptcy lawyer can handle all aspects of your debt resolution while you handle the day-to-day operations of your business. Let your bankruptcy lawyer handle the legal stuff while you do what you do best—run your business.

If it does come down to bankruptcy in the end, your lawyer can provide endless help on technical issues such as filing a Chapter 7 bankruptcy versus a Chapter 11 bankruptcy as well as handling the paperwork and negotiations. So no matter how your corporate bankruptcy turns out, a bankruptcy attorney will prove invaluable during the process. Contact us today for additional information.

Corporate Bankruptcy Filing: What are the next steps?

The word “bankruptcy” gets tossed around a lot… But what does it actually mean and what happens after your company files a bankruptcy. In layman’s terms, bankruptcy is when your company has financial obligations and liabilities that exceed your assets, making you unable to pay your bills as they come due. Filing for bankruptcy is a judicial solution for the debtor—your company—to seek relief from your creditors. The courts will determine if you are unable to satisfy your debts and, if so, attempt to determine a fair way to satisfy your creditors.

Filing for bankruptcy is similar to any other lawsuit: a bankruptcy petition simply starts the process, without guaranteeing any outcome or resolution. However, unlike other legal proceedings, a bankruptcy filing immediately generates an automatic stay, also known as bankruptcy protection. This injunction stops creditors from taking additional action to attempt to collect on their debts until the bankruptcy case is resolved. This stay essentially gives your business temporary relief and time to develop a plan for debt resolution.

As your bankruptcy case proceeds, different creditors will be treated differently, but if or when the court declares your company bankrupt, the court will attempt to satisfy your financial obligations in an equitable and appropriate way.

Of course, just as every company is unique, every bankruptcy filing is different. Depending on the financial obligations, assets, and even structure of your business, your bankruptcy proceeding will unfold differently. Perhaps the most important question is whether to file a Chapter 7 bankruptcy or proceed with a Chapter 11 bankruptcy filing. Chapter 7  dissolves your business, liquefying assets to satisfy creditors. Chapter 11 involves reorganizing the business to regain solvency and profitability.

If you’re considering filing a business bankruptcy, now is the time to consult a professional bankruptcy lawyer like David Ganje. We can help determine the right course of action for your particular company, helping your business achieve the best outcome given the circumstances. There may be non-bankruptcy options available for resolving your business debts so call today!