Calabasas Chapter 11 Bankruptcy Attorneys Help Businesses Restructure Debt
San Fernando Valley lawyers assist distressed business owners
Owning a business in California is challenging under the best of circumstances. You plan for a wide range of contingencies, but there are some circumstances, such as a world-wide shut down for a global emergency, that no one can plan for. For honest but unfortunate debtors like yourself, the Chapter 11 bankruptcy process allows you to restructure your debts so your business can continue to operate. Whether you are an owner of a sole proprietorship, an LLC, a partnership or a corporation, you can benefit from bankruptcy protection. The Law Offices of Michael Jay Berger has a solid record of success helping distressed businesses get a second life through Chapter 11 bankruptcy. From my Calabasas office, I serve business clients in the surrounding communities, including Vista Point, Hidden Hills, The Oaks, Calabasas Park Estates, Calabasas Highlands, Park South, Calabasas Village, Bellagio, West Ridge, Mulwood and Mulholland Heights.
Restructuring business debt through Chapter 11
Chapter 11 allows businesses to submit a restructuring and repayment plan by which they can make partial payments to creditors while continuing to operate. The business gets the time it needs to regain financial stability. Business bankruptcies are more complex than consumer bankruptcies. One reason is that there can be much more money at stake. The procedure is also more complicated. The debtor and the creditors may submit competing plans and it is up to the court to decide which plan to implement. To get your Chapter 11 business bankruptcy done on your terms, you need experienced and determined representation.
Subchapter V makes business bankruptcy feasible for small companies
In years past, Chapter 11 bankruptcy was too expensive for small businesses to consider. A sole proprietor could file personal bankruptcy to discharge business debt, but that exposed personal assets to jeopardy. Small, incorporated businesses would simply dissolve and sell whatever assets they had to partially satisfy creditors. There was no protection that allowed such entities to continue operations and work their way out of debt.
In 2019, Congress passed the Small Business Reorganization Act, also known as Subchapter V, which simplifies the business bankruptcy process for smaller entities. Businesses with less than $7.5 million in debt may qualify. If you have a small business you want to protect, you can now get the same legal protection as a Fortune 500.
My firm’s Calabasas bankruptcy lawyers are well versed in this new law. You’ve put your heart and soul into building your small business. Your dream is worth preserving, and I am committed to providing the robust legal representation you need to keep your dream alive.
Visit my Calabasas, CA office for a free Chapter 11 bankruptcy consultation
The Law Offices of Michael Jay Berger provides highly professional Chapter 11 bankruptcy services for businesses in Vista Point, Hidden Hills, The Oaks, Calabasas Park Estates, Calabasas Highlands, Park South, Calabasas Village, Bellagio, West Ridge, Mulwood, Mulholland Heights and throughout the San Fernando Valley. My Calabasas office is located at 22231 Mulholland Hwy. To discuss the specific facts of your case, please call me now at 310-271-6223 or contact me online for a free initial consultation. My staff is fluent in Spanish, Korean, Farsi, Armenian, Russian, Hebrew, Vietnamese, Khmer (Cambodian) and Mandarin Chinese.