Bankruptcy can provide a fresh start for business owners that are overwhelm by creditors. To ensure that you receive the full benefit of bankruptcy, you will need to be thorough and organized. A Los Angeles CA business lawyer can help you pursue bankruptcy for your business in such a way as to achieve a discharge and fresh start.
What should you do if considering bankruptcy?
Before you file bankruptcy for your business, you should make sure your accounting, financial statements, profit-loss statements, accounts payable, accounts receivable and other financial information are complete and up to date.
In addition, you should make a comprehensive inventory of all assets owned by the business and a list of all known and potential creditors. In a bankruptcy, certain assets may be protected, so it is important to identify that property to make the necessary exemption claims.
Failure to include a creditor in a bankruptcy could allow that creditor to continue to encumber your business. Because of this, it is important to list any creditor who may have a claim against your business or to whom you may owe money.
How can an attorney help?
Bankruptcy involving a business can be complicated. There are specific rules and laws that govern the bankruptcy process. Failure to comply with these rules and laws can have significant consequences. Bankruptcy courts will appoint a trustee, who acts as an overseer to ensure that no corners are cut, or assets hidden.
A Los Angeles CA business lawyer will help ensure that your bankruptcy filing is complete and in compliance with the law. This will help the bankruptcy process be more efficient and completed in a timelier manner. An attorney can also provide advice as to whether bankruptcy is the best option, or if there are other alternatives.
At Winthrop Law Group we have experience with bankruptcy and strive to help our clients achieve their desired result in an efficient way. Contact Winthrop Law Group today.