When a business finds itself in debt, the attorneys at Bernstein-Burkley are here to help determine the best course of action. Our attorneys don’t believe in a one-size-fits-all approach, so we treat each client individually, ensuring a diligent and efficient analysis of the situation. Our goal is always to achieve the best possible results for our clients.
If bankruptcy is the right choice, our team works side-by-side with our clients to guide them through the complicated process. Bernstein-Burkley’s bankruptcy and restructuring attorneys have a thorough understanding of the Bankruptcy Code and its nuances, and they regularly appear in Bankruptcy Court on behalf of our clients. Our extensive experience has helped many debtors successfully sell their assets, confirm plans of reorganization and pay creditors.
If filing for bankruptcy is the right option for a business, the next step is to determine which chapter of the Bankruptcy code best applies to the business’ situation. The following are a few of the most common types of bankruptcy cases.
- Chapter 7 is available to individuals and corporations whose liabilities far exceed their assets. As a chapter 7 debtor, a trustee will be appointed by the bankruptcy court to oversee the debtor’s bankruptcy estate and assist in obtaining a return for the debtor’s creditors. Individuals can often seek a complete discharge of their liabilities and start anew.
- Chapter 11 is available to both individuals and corporations, and may be used to either liquidate or reorganize their assets and liabilities. In large or complex cases with many creditors, the Office of the United States Trustee may appoint a creditors’ committee to participate in the process and help establish a plan. A chapter 11 debtor usually proposes a plan of reorganization or liquidation as a resolution to the bankruptcy case in order to administer the assets in the bankruptcy estate.
- Chapter 13 is available to individuals who maintain a regular income and are able to propose a plan to repay their creditors over time. A chapter 13 trustee will become involved to collect monthly plan payments from the debtor, and to disburse payments to creditors on a set schedule.
No matter which option is right for you, the attorneys of Bernstein-Burkley have the experience and knowledge to work with you each step of the way to help you formulate a plan for the best possible outcome.
If you have any questions regarding Bernstein-Burkley’s Bankruptcy & Restructuring services, please contact us at 412-456-8100.