Bankruptcy and Financial Workouts
Debt options for businesses
With the amount of commitment and capital that new business ventures require, it is all too easy for companies amass unmanageable debts. Because businesses or business owners always have the potential for future profitability, many creditors are willing to consent to a non-bankruptcy workout or other alternatives to foreclosure and bankruptcy if they are properly presented and negotiated by an experienced attorney.
When these options prove unworkable, or as part of an overall debt resolution plan, a business bankruptcy lawyer is one tool that can allow your struggling company to reorganize while maintaining possession of its assets and continuing to do business. The business law attorneys of Coolidge Wall have helped many well-known businesses pass through Chapter 11 bankruptcy and emerge positioned for future success. Our lawyers can negotiate with your creditors, work with the court and help your business construct a realistic and workable financial restructuring plan during the Chapter 11 process. If you are considering closing your business, we can advise you whether filing for Chapter 7 business bankruptcy would be in your best interest. Although we view bankruptcy as a last resort and only to be used when necessary, we do assist people and businesses through bankruptcy and, as such, we are a debt relief agency. We help people file for relief under the Bankruptcy Code.
Representing debtors and creditors in Chapter 7 and Chapter 11 matters
Business bankruptcy is substantially more complex than its consumer counterpart and that's why a business bankruptcy lawyer is so important. Chapter 11 is perhaps the most complicated type of bankruptcy proceeding and requires substantial involvement from creditors. Even during Chapter 7 – typically the simplest and fastest type of bankruptcy — creditors may not be as willing to simply accept discharge when a business debtor is involved. Whether your business is considering filing for bankruptcy or you are concerned that a major debtor may go into default, our bankruptcy attorneys can help you understand your rights and alternatives. Our attorneys have helped numerous businesses resolve debt issues in creative and practical ways.
When a customer or borrower fails to pay, targeted action can make the difference between maximized payment or a sizable loss. We have experience in all aspects of your rights, from preparation of the original documents (promissory notes, guaranty, security agreements, and terms and conditions in purchase orders) to enforcement under state law, including foreclosure, Article 9 sales, receiverships, pre-judgment attachment and replevin actions. We will not only counsel you on your rights and option for collection, but also provide an assessment of risks and recommendations from the trenches. We put our experience in representing people and businesses on all sides of debt problems to work for you.
Creditor rights during bankruptcy
Bankruptcy is a powerful tool that can wipe away a substantial portion of the petitioner’s financial obligations. For creditors, a major debtor filing for bankruptcy can be an unwelcome turn of events. We have provided sound counsel to business creditors throughout Ohio during Chapter 7, Chapter 11 and Chapter 13 proceedings. Our attorneys can:
- Advise you on the propriety of a bankruptcy workout
- Review your debtor’s financial restructuring plan
- Provide litigation services for contested matters and adversarial proceedings in bankruptcy court if necessary to protect the interests of your business