Commercial Bankruptcy
Hicksville Small Business Bankruptcy Lawyer
Running a business in today’s economy can be tough. Unfortunately, some businesses cannot make it and need bankruptcy help. The Law Offices of Scott R. Schneider, in Hicksville, New York, represents companies with filing commercial bankruptcy. I represent clients throughout Brooklyn, Queens, Suffolk and Nassau counties, including Levittown, Westbury, Hempstead, Long Island, and Hicksville. Contact my firm today to speak with a small business bankruptcy lawyer.
As with a personal bankruptcy, each commercial bankruptcy case is different. There are two types of bankruptcies that are involved with commercial bankruptcy. I work closely with your company to help you decide which form of bankruptcy is better for you.
Chapter 11
A Chapter 11 bankruptcy is considered to be a reorganization of the company. You are allowed to create a repayment plan that will allow you to repay your debts and return to profitability. Under Chapter 11 your company will be allowed to continue to operate as usual. However, all major financial decisions must be cleared with the bankruptcy court. This is a highly involved process that requires an experienced small business bankruptcy attorney’s help. My firm has over fifteen years of experience helping businesses establish a Chapter 11 bankruptcy plan.
Chapter 7
If your company is so far in debt that you cannot continue to operate, a Chapter 7 bankruptcy may be the proper way for you to go. A commercial Chapter 7 bankruptcy works the same way it does for a Chapter 7 personal bankruptcy. Under a Chapter 7 bankruptcy all of your assets with be liquidated and sold. The money is used to pay off your creditors. I have the experience to help guide you through the steps of a Chapter 7 bankruptcy.
Filing for bankruptcy can be a stressful time. I work hands on to ensure that your process is as smooth as possible. I prepare the proper documents in a timely manner to help save you time and money. Contact my firm today to put over fifteen years of small business bankruptcy experience to work for you.
