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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I need helpful information on bankruptcy for my company

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I need helpful information on bankruptcy for my company

hi thanks for your question. Are you looking to get out of business or stay in business?

Customer: replied 1 month ago.
I want to stay in business. I am a chiropractor and own a center. Due to the drastic changes in the insurance industry my income has been reduced by 60% but I still have payments for a number of loans that were fine when I was making money but now that the income is reduced it is impossible to keep up with it. I have tried talking directly to the lenders but they haven't budged. I did this several years ago with another company on the advice of my attorney and stayed that way for about 6 months and then came out. I didn't notice and negative impact to me personally or my business. I was able to buy a house a couple of years later and the bankruptcy never was a factor.So I am thinking this is the best option for me. It will help me deal with creditors that are eating me alive. I was able to pay off a number of loans and leases and some of them are greatly reduced but the big ones are killing me and preventing me from being able to rebuild. I know there has to be reports and money paid to the trustee but I just am not sure what else to do.
Thanks
Customer: replied 1 month ago.
Oh by the way. The business is still viable and can come back. We are instituting more cash based programs that are helping and are starting to grow. I just need some relief so I can advertise and do the things I need to grow
Thanks

Ok, you would want to file a chapter 11. This is a reorganization for businesses. Your attorney will disclose the business assets, and the income/expenses and file a chapter 11 plan of reorganization setting out which creditors to pay and what percentage repayment plan they will expect. These are very complex, so you should call a local attorney to guide you thru the process. Bring your last 4 years of personal and business tax returns, as well as your profit/loss statements for each month this year. Prepare a list of business assets, accounts receivable, and the monthly business expenses and a list of creditors, account #s and balances due. Bring in your most recent bank statements as well, and your accountant/tax attorney information. That will start you on the right course to get relief.

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