Macomb County Chapter 11 Business Bankruptcy Lawyer
At Gudeman & Associates, P.C., in Warren, Michigan, we understand the challenges of running a business. We also understand how quickly debt can mount up and threaten the future of your company. We work with business owners to come up with solutions to their financial issues.
While bankruptcy is a scary word to many of our clients, we have seen several of our business clients emerge from Chapter 11 bankruptcy to become quite successful.
What is Chapter 11 Bankruptcy?
When a business files for Chapter 11 bankruptcy, the business is put on a payment plan to repay debts to their creditors over a specified period of time. Just what that plan is, and the amount of money that will be paid, is negotiated in bankruptcy court with your creditors. The payment plan is supervised and enforced by the United States Bankruptcy Trustee. Chapter 11 bankruptcy is a good option for many business owners because it allows you to continue operating your business while straightening out your financial circumstances. Owners do not lose control of their business, and current management can remain in place.
Gudeman & Associates, P.C., also assists business owners with Chapter 7 bankruptcy filings, in which all debts are discharged and all assets related to the business are liquidated. Chapter 7 bankruptcy for business is typically the worst-case-scenario for business owners. We can help you determine what type, if any, bankruptcy is the best solution for your business goals.
Contact Gudeman & Associates, P.C., to schedule a consultation to discuss the financial health of your business with an experienced bankruptcy attorney.