David R. Black's Bankruptcy Legal Group
a division of Black, Stranick & Cella, P.C.
Philadelphia Business Bankruptcy
The Bankruptcy Legal Group
The pressures of operating a business in today’s economy can be overwhelming and have forced many Philadelphia businesses to consider bankruptcy. Each business has a unique set of issues and problems that must be considered before deciding to file for Chapter 7, Chapter 11, or Chapter 13 bankruptcy. The Bankruptcy Legal Group addresses the needs of Philadelphia businesses facing these challenges and will work with business owners to help them understand the business bankruptcy process.
Chapter 7 business bankruptcy is for those who are looking for a chance to relieve all of their debts by liquidating their business’s assets. This is a popular form of business bankruptcy because it provides complete debt relief. When a business files for Chapter 7 bankruptcy, the bankruptcy court appoints a Chapter 7 trustee to liquidate the business's assets and distribute the proceeds to the business's creditors.
Chapter 11 bankruptcy, on the other hand, can save your business. In a Chapter 11 bankruptcy case, the business debtor comes up with a reorganization plan to repay its debt that is congruent with the business’s assets. The plan is presented to the creditors in bankruptcy court, who then vote on whether or not to accept it. Once a plan is accepted, the trustee administers the plan and the debtor’s unsecured debts are discharged (eliminated).
If you are a farmer and are wondering about business bankruptcy, Chapter 12 may be the right choice for you.
If you own a business in Media or Philadelphia and are contemplating business bankruptcy give our firm a call now to discuss your unique concerns with a competent business bankruptcy attorney.
