While bankruptcy may be a solution for economically challenging situations, it is a serious one, and everyone and every business should have both a plan for going into bankruptcy and an exit strategy. These should be developed, if possible, before the decision is actually made to file for bankruptcy. We provide the necessary legal services to examine a financial situation, prepare for bankruptcy or debt reorganization, and analyze the scenarios and likely issues that may arise.
Our firm has broad experience in representing debtors, secured and unsecured creditors, lenders, employees, as well as asset and debt purchasers in traditional bankruptcy cases. We have also represented creditor committees, equity holders, and other interest parties in bankruptcy proceedings. Our experience includes all aspects of a bankruptcy, whether a liquidation or a reorganization, from individuals with complex debt structures to small and medium sized business who prefer to operate while negotiating a plan of reorganization with secured, priority unsecured, and general unsecured creditors.
In representing one business owner whose business was experiencing severe cash flow problems, we helped them shut down the business prior to filing bankruptcy. We turned over the business assets to creditors for liquidation, and then filed a personal bankruptcy for the business owner who obtained a discharge of all of his personal guarantees. We also developed a strategy to protect as much of the business owner’s personal assets as possible so that the owner could get a fresh start after bankruptcy.