Chapter 7 Bankruptcy For New York Businesses
Business owners often need to take big risks and take on debt to get their businesses off the ground. Unfortunately, these risks don’t always pay off, and businesses cannot get out of the red despite entrepreneurs’ hopes and best efforts. However, liquidating your business doesn’t have to be seen as a failure. Instead, you can view it as an opportunity to start fresh. Chapter 7 bankruptcy is one way to get that fresh start. A business bankruptcy attorney can help you explore this option. At R3M Law, LLP, we help business owners in New York discharge business debts and guide them toward the fresh start they need.
Is Chapter 7 Right For Your Business?
Chapter 7 is a business bankruptcy option that involves liquidating a business’s assets to pay off debts. It’s suitable for companies that can’t continue operating. To be eligible, your business must meet specific criteria and have minimal or no disposable income.
Consider the following when deciding if Chapter 7 is right for your business:
- Your business must be unable to repay its debts
- You should be ready to cease operations
- Consider the impact on stakeholders and future opportunities
Discuss these considerations with a qualified lawyer to determine the best path for your business.
How Chapter 7 Bankruptcy Works For Businesses
The Chapter 7 process involves several steps. Here’s what you can expect:
- A consultation with a bankruptcy attorney to assess your situation and determine your eligibility
- Filing a petition in bankruptcy court to start the process
- Asset liquidation by a trustee to repay creditors
- Discharge of remaining debts, freeing you from financial obligations
Each step requires careful attention. Our team guides you through the entire process.
What Are The Benefits Of Chapter 7 For New York Businesses?
Chapter 7 bankruptcy offers several benefits, including:
- Debt relief: Eliminate unsecured business debts.
- Quick resolution: The process typically concludes within months.
- Fresh start: Move forward without the burden of old debts.
These benefits can help you focus on new opportunities without past financial burdens.
Why Choose R3M Law, LLP?
Many clients initially turn to large firms, thinking they’ll receive the attention they need. However, they often find more personalized service at a more affordable price with us. We offer comparable experience at a reasonable cost with greater efficiency. We know your business and your legal options. Together, we work as a team. Whether in business formation, restructuring, negotiations or litigation, our skills make a difference for clients seeking practical counsel at reasonable rates. We are professional, honest and trustworthy. Our goal is to provide the best legal option for you, rather than fitting you into a profitable box. We are approachable and realistic, and our business casual approach ensures comfort in your dealings with us.
Consult With A New York Business Bankruptcy Lawyer Today
Ready to explore Chapter 7 bankruptcy for your business? Call us at (877) 373-6811 or send an email to request an initial consultation. Our attorneys are here to help you start fresh.