Bankruptcy Lawyers San Francisco/Palo Alto
Business Bankruptcy: Filing for bankruptcy is an option for a struggling business. Whether they’ll choose, or even be able to use, Chapter 7, 13, or 11 will depend on the structure of the company, what business the company is in, and the companies overall financial situation. The companies income and expenses, assets, and liabilities are all important factors in calculating the income available to fund a repayment plan and thus qualify for and choose a bankruptcy Chapter.
Whether you are restructuring (Chapters 13 & 11) your struggling business or filing to discharge and/or shut down (Chapter 7) your operation, filing for bankruptcy is an excellent, and sometimes the only, way to eliminate oppressive business debt and move forward (or move on). While the process and documentation can seem overwhelming most filers report a tremendous sense of relief when their bankruptcy case is over.
As your attorney we are here to make sure you understand the process, requirements and what to expect along the way. At Bay Legal we utilize the latest technology solutions both in our bankruptcy related software solutions as well as our online web portal. Everything necessary to file your claim can be provided in digital format over our secure web portal.
Personal Bankruptcy: In some situations it is appropriate to consider personal bankruptcy along with that of your entity. Chapter 7 and Chapter 13 are the most common types of personal bankruptcy. For clients with very limited disposable income (those who cannot pay their creditors), a Chapter 7 bankruptcy is often the solution.
A Chapter 13 bankruptcy is appropriate for clients with disposable income with the ability to repay a portion of their debts. For more detailed information on the differences between chapter 7 & 13 see the blog post.
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Bankruptcy Practice Areas
Other forms of Bankruptcy income Chapter 12 for family farmers and fishermen and Chapter 9 for municipalities.
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