The Stamm Law Firm can assist you through this difficult time.
Call our experienced attorneys to discuss your options.
With tightened credit requirements, small family businesses are facing an increased rate of financial uncertainty. It is critical for your attorney to understand the crossover between the financial struggles of both businesses and families in the current uncertain economy. When bankruptcy is the best option, we can help you choose the right form of bankruptcy for the benefit of both your business and your family. Our firm can provide comprehensive guidance to both businesses and families through the following forms of bankruptcy:
- Chapter 7 - Available to both individuals and businesses. It is also known as liquidation. It attempts to sell off many assets to pay off some outstanding unsecured debt before discharging all debt allowed under the law.
- Chapter 11 - More commonly used for companies that want to continue operations and negotiate new terms that enable them to pay off outstanding debt. It is also known as restructuring.
- Chapter 13 - Available to individuals only. It is also known as wage earners’ bankruptcy. It offers an opportunity specifically for individuals who are earning an income to restructure their debt and pay it off under new terms—typically over a five-year period. When individuals meet the requirements, they can emerge with more of their assets as they start a debt-free new life.
Contact us today so we can give you the advice you need so you can make the right choice!