White Plains Commercial Bankruptcy Attorney
Every business owner launches their business with the hope that it will be successful. Many entrepreneurs imagine passing their company down to a deserving family member or friend after years of success.
If you’ve faced solvency issues, you may think that’s no longer possible. But you may be able to save your business, or, failing that, begin again with a clean slate. At Michael H. Schwartz, P.C., our White Plains NY bankruptcy attorneys have years of experience helping businesses and individuals navigate the choppy waters of bankruptcy and business debt.
It’s a scary word, but often bankruptcy can help businesses and business owners move on from their issues and find a new path to success and stability. Even if you have to liquidate your assets, you may be able to clear your business’s debt and begin the first steps of your next venture with less stress hanging over your head.
Regardless of your personal and professional circumstances, you can trust that Michael H. Schwartz has seen it before. With four decades of practice behind him, Mr. Schwartz will put the weight of his years of experience behind you. His sole aim will be your success and financial health, whatever that means in your circumstances.
Begin your fresh start with a free consultation about the bankruptcy process in White Plains NY with Michael H. Schwartz, P.C. Call us today or contact us online.
“Michael was able to get ALL my debts discharged in a matter of months! He is meticulous, straightforward and extremely knowledgeable. Don't waste your time and money going anywhere else!”– Anonymous
What Are the Different Types of Business Bankruptcies?
We will always advise what is best for you. Many times filing bankruptcy for a business is a big mistake. Call us, and we’ll let you know what is best for you.
There are three types of business bankruptcies, which may or may not be appropriate for you and your business. Whatever you find out on the internet or through the grapevine, remember that the best advice will come from a White Plains business bankruptcy attorney. An accomplished lawyer can quickly evaluate your situation to tell you which form of bankruptcy you should choose, and even if you may have a better option besides bankruptcy.
The three types of bankruptcy are:
- Chapter 7. If you undertake Chapter 7 bankruptcy, you will liquidate your business. By selling your assets, you can pay off your debts. With no more overdue bills, you can move on with your business. Its downside is that debts are often larger than your assets, so you won’t have much to move on with.
- Chapter 11. Filing for Chapter 11 bankruptcy allows your business to reorganize with the oversight of a trustee. You may be able to renegotiate your existing liabilities to increase the chances of your long-term success while making your creditors happy because you’ve outlined a payment plan. A potential negative for Chapter 11 is that it is often very complicated and takes a long time.
- Chapter 13. Chapter 13 bankruptcy may or may not be possible for your business, depending on its size and organization. If you have a sole proprietorship, Chapter 13 may allow you to reorganize and create a plan to repay your debts.
The fact is that no website can tell you which bankruptcy to choose. But Michael H. Schwartz, an experienced business bankruptcy attorney, can. Call him today to schedule a free consultation.
How Does a Small Business File for Bankruptcy?
It’s legal to file for bankruptcy on your own except for corporations. Some people and businesses choose to do so because they’d like to save money. Unfortunately, errors in the bankruptcy filing process can have huge consequences for those that make them. That’s why it pays to have competent legal advice and the security of years of practice on your side.
On the surface, it may seem as simple as filling out some complicated forms and submitting them to the proper authorities. In reality, you need to undertake a thorough analysis of your business priorities and assets to be sure you’ve chosen the correct approach. And you need to have an expert’s eye to avoid common errors in your commercial bankruptcy filing, like forgetting to exempt necessary property or exempting things you’re not allowed to. With the help of a business bankruptcy lawyer in White Plains, you can feel confident that your filing will be accepted, and you can move forward without the crush of debt.
What Is Business Bankruptcy Protection?
Bankruptcy is a misleading term. Declaring Chapter 11 or 13 is a method of bankruptcy protection. Chapter 7 is the closest thing to what most people may think of when they think of bankruptcy. You’ll sell almost everything, except a few exempt assets that your lawyer can discuss with you.
Chapter 11 and 13 provide certain protections to companies that use them. Essentially, you’ll be able to submit a plan to the entities to which you owe money, which outlines a plan to repay them. A trustee appointed by the court will oversee this. This allows a structured settlement of your debts, rather than a wholesale liquidation in an effort to repay what you owe. This can help you pay your debts on your own terms rather than facing liquidation, wage garnishment, or aggressive debt collection.
You and your lawyer can discuss what your priorities are and how bankruptcy protection may be used to ensure your business can survive and even thrive in the future.
Why Do I Need a Business Bankruptcy Lawyer?
Declaring commercial bankruptcy isn’t as simple as posting a sign on your storefront. There are bankruptcy forms available online for free. You’ll see once you begin to look at these forms that the process is hardly as straightforward as just ticking a few boxes.
You may be prepared to answer simple questions about your business, but an experienced hand and an eye for detail are essential if you want to avoid potential legal consequences. Your filing could be challenged if you fill out the form incorrectly or choose the wrong type of bankruptcy. Hiring a lawyer may actually save you money by preventing the costly side effects of these errors. It can also help keep you out of bankruptcy court.
That’s why it’s so essential to contact a qualified White Plains, New York bankruptcy lawyer in the beginning of your business bankruptcy process rather than the end. Michael Schwartz believes his role is to help New Yorkers who need his advice to understand bankruptcy laws get back on track. It’s not always an instant or easy process, but Michael H. Schwartz, P.C. is committed to making it as painless as possible for his clients to understand the business law around bankruptcy procedures, while keeping them informed the whole way.
How Our White Plains Business Bankruptcy Lawyer Can Help You
If you need to file for bankruptcy to either liquidate or restructure your business, Michael H. Schwartz, P.C., is the White Plains bankruptcy attorney you need. Call our law offices now to schedule your free consultation to talk about your bankruptcy options if think you may need to file bankruptcy in New York.