Business Bankruptcy Attorneys
Business Bankruptcy Law Attorneys in Nebraska
You’ve worked hard to build a successful business, so when your business is suffering from financial hardship, the thought of filing for bankruptcy can feel incredibly difficult. A challenging economy can put a tremendous strain on the fiscal strength of a business, making it difficult to meet monthly expenses. If you have found yourself considering filing for a business bankruptcy, the business bankruptcy law attorneys at Fraser Stryker PC LLO are here to help.
With experience handling commercial bankruptcies of all sizes, Fraser Stryker’s Business Bankruptcy Law practice recognizes that not all bankruptcy needs are the same. Our attorneys work closely to understand the business concerns you face and what options are in the best interest of you and your business.
When should I consider filing for bankruptcy?
Most companies confront financial hurdles at some point and the decision to file bankruptcy is one that no business owner takes lightly. Difficult economic times or temporary forced closures of your business may cause a significant slow-down in cash flow, making it tough to stay on top of payments to creditors. This is when filing for bankruptcy protection by filing for Chapter 11, Chapter 7, Chapter 12, or Chapter 13 could be in your best interest.
Do I need a business bankruptcy attorney?
The commercial bankruptcy process can be daunting. There are a range of legal options available for a company to consider to best address their financial obligations with as little impact to the business as possible. Chapter 11 bankruptcy, as well as Chapters 7, 12, and 13 bankruptcy provide your business different opportunities and engaging the assistance of a capable and experienced business bankruptcy lawyer, such as the attorneys at Fraser Stryker, will provide you with the guidance and expertise needed to navigate this complex procedure.
Choosing a Bankruptcy Attorney
When it’s time to consult with a business bankruptcy attorney, consider an attorney who understands not only the applicable laws in your state, but also the structure of your organization and those of your creditors. With years of experience working with companies in industries such as nonprofits, restaurants and hospitality, insurance, manufacturing, banking and finance, commercial trucking, and telecommunications, Fraser Stryker’s lawyers are poised to effectively identify your needs and efficiently pinpoint a bankruptcy solution for your business.
Fraser Stryker’s commercial bankruptcy attorneys have successfully assisted many Nebraska businesses through the bankruptcy process. And, as one of the select chosen counsels on an ongoing national nonprofit bankruptcy case, our attorneys have developed the expertise to understand the intricacies of even the most complex bankruptcy proceedings.
Consult with Fraser Stryker’s Skilled Business Bankruptcy Law Attorneys
Fraser Stryker’s commercial bankruptcy lawyers have experience working with businesses and creditors of all sizes, from large corporations to small businesses. Call us today at 402-341-6000 to discover the Fraser Stryker difference.
Types of Business Bankruptcies
It is important to note that declaring bankruptcy does not always mean the end of your business. In fact, filing for bankruptcy protection can allow a business to create a reorganization plan and buy time to pay creditors.
Depending on the operational makeup and business needs, there are different commercial bankruptcy options available, including Chapter 11, as well as Chapters 7, 12, and 13:
Chapter 11 Bankruptcy
Often called “reorganization” bankruptcy, Chapter 11 bankruptcy gives a business an opportunity to create a reorganization plan that allows the business to stay active while a business begins repaying creditors over time. Filing a Chapter 11 bankruptcy petition can be voluntary or involuntary.
Chapter 12 Bankruptcy
Similar to Chapter 11 bankruptcy, Chapter 12 bankruptcy allows for reorganization and restructuring plan, but is reserved for family farmers and fisherman. Chapter 12 bankruptcy provides some additional benefits to debtors beyond what a Chapter 13 bankruptcy provides.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy allows to be able to eliminate all or a portion of debt by creating a plan to repay over a specific number of years. Payments are made to a court trustee, who then distributes the funds to creditors. In order to file for Chapter 13 bankruptcy, a business needs to meet certain eligibility requirements.
Chapter 7 Business Bankruptcy
Sometimes referred to as “straight” or “liquidation” bankruptcy, Chapter 7 bankruptcy is available to businesses with assets that can be sold to repay debt. Chapter 7 bankruptcy is usually reserved for corporations and LLCs with plans to close their doors and helps to provide an orderly liquidation of the business.
With proper planning and employing the assistance of an experience legal professional, such as the team at Fraser Stryker, a business can financially recover from a commercial bankruptcy.
Fraser Stryker PC LLO
409 S 17th St #500
Omaha, NE 68102