Raleigh Business Bankruptcy Attorneys
It’s difficult and challenging, to say the least, to see the light at the end of the tunnel when you realize your business can no longer meet its monthly expenses. You have undoubtedly worked diligently to make your company a success, and now you’re faced with the financial and emotional strain of whether or not to file for bankruptcy. When you find yourself in this tough position, the Raleigh bankruptcy lawyers of the Bradford Law Offices, PLLC can help.
While almost every company will encounter debt obstacles at some point in its development, sometimes, the costs of a company’s debts exceed the business’s resources. When a business has this issue, it is typically necessary to file for bankruptcy protection. However, this doesn’t automate the termination of business proceedings. In fact, often, the reorganizing that a company undergoes through business bankruptcy can result in a stronger team and more carefully planned finances.
The Raleigh bankruptcy lawyers of the Bradford Law Offices, PLLC offer a free and classified consultation to determine if filing for business bankruptcy is the right option for your business. We understand you may have many questions during this time, and we can assure you we have the answers. Call us at (919) 758-8879 or speak with a representative live.
Do I need a Business Bankruptcy attorney?
When you find yourself with insurmountable debt, realizing your range of legal options is a challenging process. If you or a loved one is struggling financially as a business owner, know that you do have options, and with a qualified legal representative from Bradford Law Offices, PLLC, you will have the guidance you need to move forward with the best decision for your company’s future success. An attorney can consult with you about your situation, will advise you on your options, and can help you with all of the paperwork and any hearings that need to be conducted. Fortunately for many businesses, bankruptcy can be a valuable tool to restructure and remove creditor harrassment so that they can eventually return to profitability. The goal is to keep your business open so that you can turn things around and hopefully thrive in the future.
Why choose Bradford Law Offices, PLLC to handle my case?
We have been serving Raleigh and Cary for over 20 years. Mr. Bradford has experience with residential, commercial and government cases, including lien claims and bond claims. This previous experience has been very useful in his efforts to guide construction-related companies through restructuralization under Chapter 11 of the Bankruptcy Code. Additionally, Mr. Bradford is notably a member of the North Carolina Bar Association, Bankruptcy Section, National Association of Consumer Bankruptcy Attorneys, and the Wake County Bar.
At Bradford Law Offices, PLLC, we understand that every financial situation is unpredictable and specific to your business. We are empathetic to your current financial state and take pride in our ability to guide you in the right direction to get you out of this situation as soon as possible.
Types of cases we handle at Bradford Law Offices, PLLC
We customize solutions based on our client’s financial needs. We will review your case to determine what the best type of protection will be for you and your team. At Bradford Law Offices, PLLC, we are experienced in an array of bankruptcy and debt management options. For companies stressed with overwhelming debt challenges, there are several different options when it comes to filing for protection. These include the following:
This is the most common type of bankruptcy filed by businesses and is available to both individuals and businesses. Several things to keep in mind about Chapter 7 bankruptcy include:
- Asset liquidation is required to reduce debt.
- In order to evaluate the type of protection, a “means test” will be conducted.
If you’ve experienced prolonged debt and are struggling to overcome the heavy challenges and obstacles of having debt, then take a look at your option to file for Chapter 11 bankruptcy. Some benefits include:
- The business can still operate while paying off their debts
- Borrowers can partially pay back unsecured debts
- The automatic stay judgment relieves you from aggressive creditors contacting you on your personal or professional phone.
- The liberty to reorganize secured debts where payments can be less and stretched over a longer period of time.
- Freedom from nondischargeable debts, which are debts that can’t be waived through a bankruptcy proceeding.
This type of protection is specifically reserved for farms and fisheries to relieve incurred debt. Because of the susceptibility that these businesses may face due to the unpredictable nature of the industry, our government allows farms and fisheries that are struggling financially to pursue Chapter 12 bankruptcy protection.
How can filing for business bankruptcy benefit and result in future success for my company?
Despite the stereotype of filing for bankruptcy, there is evidence that pursuing this legal action can actually benefit your business in the long run. According to the National Bureau of Economic Research, “people who successfully file Chapter 13 bankruptcy increase their yearly earnings by over $5,500”. There are many benefits to filing, including protection from creditors pursuing legal action during the bankruptcy process.
Business Bankruptcy Statistics
Filing for bankruptcy can be an isolating and challenging process; however, many businesses have undergone pursuing bankruptcy and have seen the benefit. Knowing the facts can help ease your mind and also guide you in making an informed decision for your own business.
- In 2016, over 794,000 businesses and individuals filed for bankruptcy.
- The March 2017 annual bankruptcy filings totaled 794,492, compared with 833,515 cases in the year ending March 2016.
- In November 2017, 13, 181 business bankruptcy cases were filed.
- In 2016, more than 794,000 entities filed for bankruptcy
- The total number of bankruptcy cases that began in 2005 was over 2 million
- Households filed for bankruptcy at a rate of one in 55 in 2005
According to the Small Business Association (SBA), about 50% of small businesses do not survive, with most of them folding within the first five years. If your business is quickly falling into debt, you may want to consider filing for bankruptcy to hopefully save it. That’s why small business bankruptcy exists, since the courts and their trustees understand how vital small business is to our economy so there are protections in place to help you potentially regain your footing and achieve the success you have worked so hard to earn.
Bankruptcy is a common and powerful tool that consumers and businesses alike use to restructure their finances and get back on their feet. Don’t delay in talking to a qualified, knowledgeable bankruptcy attorney. We are standing by, ready to help you save the business you have worked so hard to create. Call us today at (919) 758-8879 to discuss this option.
Contact Us Today for a Free Consultation
It can be challenging to say the least for those without previous legal knowledge to fully understand the variety of options available in the situation of filing for bankruptcy protection. You may find that filing for business bankruptcy will actually provide your company with a fresh start, like many others before you. In order to reach a satisfactory resolution, you need an experienced team standing behind you.
No matter how severe your debt issues, bankruptcy protection may be able to help. Contact us at the Bradford Law Offices, PLLC at (919) 758-8879 today to discuss your financial issues and concerns and determine the best plan moving forward.