LLC or S-Corp?
If your Massachusetts business is a corporation, a partnership or LLC, our business bankruptcy attorneys can advise you on one of the following topics.
In a Chapter 7 Business Bankruptcy, the business stops doing business and closes its doors. The Bankruptcy Court will appoint a Chapter 7 trustee who will collect and sell the business assets that are not encumbered by a lien. After the Bankruptcy Trustee sells the business assets, the bankruptcy trustee will use the proceeds to repay the business' unsecured creditors. If the business has secured debts, then the secured creditors are entitled to collect their collateral that is secured by their debt.
If a business would be profitable if it weren't for a heavy debt load; a Chapter 11 Bankruptcy could be the best option. A Massachusetts Chapter 11 Business Bankruptcy is a reorganization proceeding. A business that files a Chapter 11 Bankruptcy continues to operate while attempting to restructure its debts.
If you or your business is facing a legal challenge that calls for sound advice and skilled representation, contact us today to arrange a FREE consultation with an experienced Massachusetts attorney.Free Consultation