Small Business Bankruptcy Lawyers aid companies in need of a financial fresh start. Attorneys at the Cherney Law Firm, LLC provide valuable assistance. Call now!
Cherney Law Firms’ Bankruptcy Attorneys
If your small business is struggling with debt, hiring a bankruptcy attorney can help with a wide range of Legal services, including bankruptcy cases and debt relief. Cherney Law Firm is packed with top-rated bankruptcy attorneys to offer you thoughtful counsel.
Small Business Bankruptcy Attorneys
Bankruptcy is a financial hardship when a business owner cannot pay outstanding business debts. Debtors commonly file bankruptcy petitions; therefore, bankruptcy attorneys in Marietta are dedicated to guiding clients through the legal proceedings and helping them navigate and resolve debt through bankruptcy.
When your business faces out-of-control debt or a challenging financial situation, a small business bankruptcy attorney can provide immediate and practical solutions.
Bankruptcy attorneys are imperative personnel whenever small business entities need help in matters regarding bankruptcy relief and debt repayment. If you seek to pursue bankruptcy, consider hiring skilled counsel and representation from an outstanding bankruptcy lawyer at Cherney Law Firm.
Types of Bankruptcy
A company can file for Chapter 7 or 13 bankruptcy as follows:
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is a type of bankruptcy where small business owners with severe business debt may be exempted from repaying their debts as a result of lost income or due to the overwhelming nature of their debts.
Chapter 7 bankruptcy can only be filed if you haven’t filed a Chapter 13 bankruptcy in the past six years, haven’t filed a Chapter 7 bankruptcy within the last eight years, or have attempted to file within the last 180 days.
Chapter 13 Bankruptcy
This type of bankruptcy originates from Chapter 13 of USC Title 11, which provides the government’s laws on bankruptcy. Persons with severe debts need to complete a means test to check their eligibility. Eligible individuals can make affordable repayments under a structured plan of three to five years.
What Debts are Eligible for the Chapter 13 Payment Plan?
- Secured claims: Those debts are secured by collateral and have priority over all others.
- Unsecured priority claims: The bankruptcy code considers these debts as higher priorities even though they lack collateral.
- General unsecured claims: These are debts not secured by any collateral and are deemed of no priority.
How to File for Bankruptcy
A means test is the first step when filing for bankruptcy under either Chapter 7 or Chapter 13. Regardless of the type of bankruptcy, the means test is used to determine eligibility.
Chapter 7 bankruptcy eligibility is determined by your average income over the past six months and other factors that prove your inability to repay your debt. Your income is measured against the average income of a family living in your state compared to the size of your family. Upon passing the means test, you can complete all forms and petition for property exemptions.
In cases where your income is too high, the court determines how much disposable income is available to repay some or all of your debt in a Chapter 13 plan. In order to calculate your monthly payment, the court subtracts debt repayments, living expenses, and other payments from your income.
How Can Bankruptcy Lawyers at Cherney Law Firm Help?
Bankruptcy is a complex process requiring numerous cases and extensive litigation. A bankruptcy attorney in Marietta has assisted clients and businesses in achieving financial freedom through bankruptcy filings and may be able to help you as well.
Bankruptcy attorneys at Cherney Law Firm integrate the Cares Act to provide thoughtful counsel when working with clients. You can count on the attorneys to act in your best interests. Here are some of the legal practices the attorneys at Cherney Law Firm engage in:
Filing for Chapter 7 bankruptcy
Choosing a bankruptcy lawyer with experience in Chapter 7 law and litigation is crucial, as filing Chapter 7 is complex, and mistakes could result in more harm. Those with excessive debts and who may not be able to repay them due to loss of income can file for Chapter 7 bankruptcy. Cherney Law Firm can help you discharge your debts through Chapter 7.
Filing for Chapter 13 bankruptcy
Many people and businesses who file for bankruptcy do so under Chapter 13. Chapter 13 bankruptcy gives debtors the allowance to repay some or all of their debt for three to five years before discharging the remaining debt.
A structured payment plan allows individuals with severe debt to make affordable payments. As such, it is vital to consult a bankruptcy lawyer in order to get debt relief.
Atalanta Chapter 13 bankruptcy lawyers at Cherney Law Firm can help fill you out paperwork and structure the repayment plan. When you hire a lawyer, they will ensure that you receive detailed documents that state when payments must be made and which creditors will receive payments in a given period.
Do I Need Bankruptcy Lawyers For My Small Business?
Creditor harassment and uncontrollable debt can wreak havoc on your business. When you fall behind on your payments, don’t sit back helplessly. Instead, contact Cherney Law Firm straight away so we can assist you with your bankruptcy case.
Cherney Law Firm can help you evaluate your financial situation and begin the bankruptcy process.
The Cherney Law Firm offers bankruptcy attorneys’ services to assist you with bankruptcy filings or avoiding bankruptcy. Contact Cherney Law Firm at (770) 999-0896 or email [email protected].
Frequently Asked Questions
Can a Business Recover From Bankruptcy?
Small businesses may face severe financial hardship. You can recover from bankruptcy rather than being forced to go out of business if your business took on too much debt. But it is important to note that recovering may take time and effort.
How Do I Protect My Business From Bankruptcy?
Ensure that proper rules are executed to recover your money from defaulters. Other strategies include the following:
- Prioritize debt repayments
- Talk to your lenders
- Alleviate non-essential expenses
- Sell your business assets
Can a Small Business Survive Chapter 11?
A Chapter 11 bankruptcy allows a business to stay in operation and pay creditors over time. A Chapter 11 bankruptcy requires some form of downsizing and liquidation, but businesses can still reorganize and survive.
Find out more about Chapter 11 bankruptcy law at Cherney Law Firm!