When your business is in trouble you will do what ever it takes to save it. That being said, there are some options when it comes to financial instability and to financial issues regarding your business. Chapter 7 bankruptcy is an option that can help to save your business and get you back in the game. What type of Business Can File For Chapter 7 Bankruptcy in the State of California? It is helpful to first look at what chapter 7 bankruptcy is. Chapter 7 is often used by businesses that do......
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Chapter 7 Bankruptcy is considered the best last-ditch choice for consumers who are experiencing financial difficulties. Bankruptcy offers a fresh start and the possibility of liquidating debt. It’s important to understand the trade-off, though. Even though it offers a clean slate, a bankruptcy involves costs both in terms of the cost to file as well as the way it affects your credit score. There are unique situations where Chapter 7 Bankruptcy might be the best choice in your situation. Debtors may file bankruptcy when they are overextended on credit, when they have overwhelming and unexpected expenses,......
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If you’re contemplating bankruptcy, it can be a stressful and frustrating time. You may not know where to turn, which type of bankruptcy to consider, or who you can trust. That’s why we, at Nathan A. Berneman, APC in Los Angeles, CA, offer a full and comprehensive consultation to help you better understand your situation and what your options are. Here’s a quick overview of the most common bankruptcy types, and how you might qualify. What qualifies you for Chapter 11?Chapter 11 is also known as a “reorganization” bankruptcy. In most cases,......
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