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Dimitry Esquire
Dimitry Esquire, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37621
Experience:  Provide General Practice advice to my clients in my practice.
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I am runing a Small corp in the field of IT consulting . Its

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I am runing a Small corp in the field of IT consulting . Its a skill based industries and doesnt own any assets as of now including the receivavles. The company went into problem due to the current recession and also due to INS and government restriction of employing H1 visa holders . The company employees only H1 visa holders and as a result of this economic downtrend scaled down the operation and manage to layoff all the employees .
current status of the company --nil assets, secured loans from bank around 120000$ and unsecured loans( payable) 45000$ , current income is just 2000 per month that may continue upto december 2009
in view of the current situation , no business plan will work , have no hopes of running the company .. is chapter 7 the only option , need advise and legal support
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Dimitry Esquire replied 4 years ago.
Does the company have any sort of cash or assets?

Also, please understand that we can assist you with information, but we cannot legally represent you through this site.

Sincerely,

Dimitry Alexander Kaplun, Esq.
Customer: replied 4 years ago.
company has around 7000$ cash that goes for this month employee salary .. Nil assets as its a skill based it consulting firm
Expert:  Dimitry Esquire replied 4 years ago.
If you are unable to pay your debts, you have two options--either full liquidation under Chapter 7, or Chapter 11 "reorganization". In your case, if you do not expect the economy to improve or you do not see more clients/projects on the horizon, you very well may have to file Chapter 7. Since you have debts, those must be somehow dealt with before you can officially wind down the business, which means bankruptcy (if you are unable to pay the debts) is the only solution.

I wish I could give you a different answer, but that is all I can see for you from the facts provided.

Sincerely,

Dimitry Alexander Kaplun, Esq.
Dimitry Esquire, Attorney
Category: Bankruptcy Law
Satisfied Customers: 37621
Experience: Provide General Practice advice to my clients in my practice.
Dimitry Esquire and 3 other Bankruptcy Law Specialists are ready to help you

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