Newark Small-Business Bankruptcy Lawyers
Bankruptcy can be a very effective way for a small business facing financial difficulties to reorganize. Rather than spelling the end of the business, bankruptcy can allow it to stay afloat. Depending on circumstances and details of the business’s organization, one of these types of bankruptcy may be appropriate:
- Chapter 7 for unincorporated businesses and businesses without much equity
- Chapter 13 for businesses with equity
- Chapter 11 for incorporated businesses and limited liability companies (LLCs)
Debt reorganization, a core feature of Chapter 13 or Chapter 11 bankruptcy, can keep creditors at bay while the business gets back on its feet. Chapter 7 bankruptcy can apply to any type of business. In this case, either the corporation or the owner of the business will file Chapter 7. A person can receive discharge of debts, whereas a corporation does not. For business owners who personally guaranteed debts to start or run small businesses, a personal Chapter 7 bankruptcy is sometimes a successful debt relief strategy.
Contact Our Newark Small-Business Bankruptcy Attorneys
Consult with a lawyer at Goldman & Beslow, LLC Attorneys At Law, to explore bankruptcy options for your New Jersey small business. Call our experienced Essex County, New Jersey, bankruptcy lawyers today for a free one-half hour consultation at 973-414-8069. Our lawyers serve Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey counties. From our law offices in East Orange and Paterson, Chapter 11 lawyers craft effective debt relief solutions for small businesses in distress.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.