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I need helpful information on bankruptcy for my company

I need helpful information on bankruptcy for my company
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Answered in 2 hours by:
9/11/2017
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,961
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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hi thanks for your question. Are you looking to get out of business or stay in business?

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Customer reply replied 10 months 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 reply replied 10 months 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.

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,961
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Terry L.
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Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,961
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Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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