Business Bankruptcy
With experience working in business bankruptcy, Thomas K. McKnight's team of bankruptcy lawyers provides more than just a "one-size-fits-all" bankruptcy approach. Our team consults with you to look at all of your options-- both bankruptcy and non-bankruptcy-- and create a solution that is specific to your type of business, your personal liability, and the kind of creditors you're dealing with.
If bankruptcy is the right option for your business our team can walk you through either:
- Chapter 11 Business Bankruptcy
- Chapter 7 Business Bankruptcy
- Subchapter 5 Small Business Bankruptcy
Each type of business bankruptcy has unique benefits, but the option you pick depends on your personal goals, your business goals, and your business's unique case.
When your business is overwhelmed with debt and can't stay on top of payments, business bankruptcy might feel like the only choice. But business bankruptcy is much more complex than personal bankruptcy. A one-size-fits-all approach will not work. You need customized, experienced business bankruptcy representation. That's where we come in.
Chapter 11 Bankruptcy
A Chapter 11 bankruptcy enables a business to restructure debt while keeping business assets and income untouched. Also referred to as the "reorganization" bankruptcy, Chapter 11 makes it possible for your business to remain in business while working out payment plans with creditors. There are no debt restrictions, and a trustee is generally not appointed to run your business or manage your money, though one can be appointed if needed.
Chapter 7 Bankruptcy
Different from a Chapter 7 personal bankruptcy, a Chapter 7 business bankruptcy lets owners turn their business over to a trustee for an orderly liquidation. Frequently known as the "liquidation" bankruptcy, a Chapter 7 bankruptcy stops business operations and gives the court power to liquidate its assets and pay what it can to business creditors. When the liquidation is complete and the proceeds have been paid to creditors, the business won't owe any remaining debts.
