There are three different types of bankruptcies that can be filed and each one is different. A Chapter 7 bankruptcy is a liquidation of assets, a Chapter 13 is a reorganization of debt, but there is a limit to how much you can owe; and a Chapter 11 bankruptcy works for individuals and businesses. The best type of bankruptcy for a business is called a Chapter 11. This bankruptcy allows a business to get their debts in order and arrange payment plans. Once the business is basically reorganized, it can still operate under the same parameters that it did before the bankruptcy was filed.
Most businesses like to do a chapter 11 bankruptcy because they can look at their business and they can make a plan that is like a loan modification on what they owe. Most businesses that own a lot of property choose to file a chapter 11, because they can still keep their property. One of the main things to understand about filing bankruptcy is that there are a lot of forms that have to be filed and there is also a process that has to be followed. A good Bankruptcy Attorney Murrieta can help walk you through the bankruptcy process. Most attorneys will even go to court with you, so that everything is settled correctly.
Filing bankruptcy is scary and that is why you don’t want to do it alone. With a Bankruptcy Attorney Murrieta, you can be sure that you following the letter of the law. The best way to protect yourself financially is to have an attorney that calls your creditors, works with the courts and that also works out repayment terms for your debts. It is always a good idea to have a middle man that will do all the work for you, while you work on keeping your business together and running.
Bankruptcy used to be something that was really frowned upon, but in today’s world most people have gone through some sort of bankruptcy process in their lives. There is nothing to be ashamed of. Everyone makes mistakes and as long as you face those mistakes head on, then you can move forward with pride.