Business Bankruptcy in Massachusetts
Businesses faced with financial problems may consider filing for bankruptcy to achieve a fresh start, restructure the organization’s finances or close the doors permanently.
If you are debating a business bankruptcy in Massachusetts, it is critical that you seek experienced legal representation today. Time is of the essence, so quick action is highly advised.
Call 978-452-1116, today for to schedule your free consultation with Attorney Oberhauser.
From the moment you choose Oberhauser Law, you can feel the difference. Your business is our business and you are our number one priority. Attorney Oberhauser will review all of your legal options with you and help you choose the one that works best for you.
Let us take some of the burden off of your shoulders. We can help you achieve a solution and protect your business. Take a step toward a fresh start and contact Oberhauser Law today.
Chapter 11 Reorganization
While some small businesses may shy away from Chapter 11 because it is expensive and risky, it may be the best option. It is the only bankruptcy option for small businesses that do not want to close their doors, but are seeking to restructure.
A reorganization chapter 11 bankruptcy is also the best option for individual proprietors who want to restructure but who owe too much money to file for Chapter 13.
Chapter 13 for Sole Proprietors
This option is only available to small businesses that are owned and operated by individuals (also known as sole proprietorship). Businesses that are LLCs, corporations, or partnerships must file either Chapter 7 or Chapter 11.
In order for individual proprietors to file Chapter 13, they must meet eligibility requirements that include debt limits. If you owe more than $383,175 in unsecured debt or $1,149,525 in secured debt, then you do not qualify for Chapter 13 bankruptcy.
Chapter 7 Business Liquidation
For small businesses, LPs, LLCs, corporations, and other business entities that are facing closure, Chapter 7 may be a good option for making a fresh financial start.
Under a Chapter 7 business bankruptcy filing, all the assets of the company would be liquidated. The business discontinues its operations and any net proceeds from the liquidation will be distributed to creditors.
In some scenarios, the business owner may be personally liable for some debts. In these situations, a personal Chapter 7 can also be filed for the individual owner. This may be the only option if a Chapter 11 is not viable.
Contact Attorney Oberhauser for Assistance with Your Business Bankruptcy
At Oberhauser Law, we help business clients obtain financial relief. Contact us today for a free consultation and to learn if bankruptcy is the best option for your business.
If your business is in jeopardy—you need Oberhauser Law.
Attorney Gregory Oberhauser is skilled in assisting small businesses, LLCs, corporations, and individual proprietors obtain relief through bankruptcy. To learn more about your financial and legal options, call us today for a free consultation at 978-452-1116.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.