Small Business Business Bankruptcy

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There are many reasons that a small business meets with financial trouble.


In most cases, bankruptcy can remedy the problems your business is facing. Bankruptcy is not “one-size-fits-all”; different options exist. The option that is right for your business depends upon the circumstances that led to the financial trouble and on what you, as the business owner, would like to do going forward.

Chapter 11 bankruptcy is known as reorganization. Reorganization is exactly what it sounds like: the debts that have been incurred by your business are restructured in a way that will enable you to pay your creditors in a more manageable time frame. The advantage of Chapter 11 bankruptcy is that the business can continue, uninterrupted, while you are becoming current on the balances you owe. Your stress will be alleviated, and you’ll find yourself becoming more focused and productive, which can result in growth for your business!

Sometimes Chapter 7 bankruptcy is the most viable choice for a small business that is in serious financial trouble. Let’s say you’ve owned a TV repair shop for 30 years. You’re not getting the business you used to, because people are buying smart TVs today (if they choose to have a TV at all). If anyone has one of the old “tube” TVs and it stops working, chances are the machine will just be put out with the trash. It’s simply not worth it to get an old TV like that fixed anymore. In Chapter 7, also called liquidation, your debts are eliminated. This frees you up to close your unproductive business and explore new opportunities – and again, your stress will diminish, leading to a better quality of life for you and those around you.

Our attorneys have extensive experience in small business bankruptcy and are eager to help you. Give us a call today.

Fill out the form below or call us at 646-326-9971 for a free in-office consultation.

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Bradley R. Bailyn, Esq. , Founder

Bailyn Law provides comprehensive legal and advisory services in the fields of bankruptcy and out-of-court debt workouts. We serve companies and individuals who wish to restructure their businesses or their finances to improve liquidity and increase profitability. We also advise creditors seeking to protect their legal rights and economic interests.

How can we help you?

Discover the advantages we bring you. No-cost initial consultation.

6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

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The Bailyn Law Firm, P.C

 

6301 Mill Lane
Brooklyn, NY 11234

 

One Rockefeller Plaza, Tenth Floor
New York, NY 10020



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6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

THE BAILYN LAW FIRM, P.C.