California’s Premier Business Bankruptcy Attorney is on Your Side
If you are looking for a business bankruptcy attorney in California, Coggins Law is looking forward to working with you side by side to protect your business interests. Since 2005, attorney Brian Coggins has provided expert legal advice and assists businesses in the greater Northern California area to avoid bankruptcy.
However, if you consider bankruptcy, California’s premier business bankruptcy attorney knows better how your business can find relief and achieve the best financial outcome possible through a business bankruptcy process. With his vast experience in business bankruptcy legal procedures, attorney Brian Coggins knows how best your business can conquer its debt situation and return to solvency.
Over the years, Coggins Law has helped businesses dealing with bankruptcy to determine the best course of action and ensure that the businesses live to thrive and rebuild.
Business Bankruptcy: How and When Should Your Business File for Bankruptcy?
Is Bankruptcy the Right Choice for Your Business?
If your business is under pressure to make critical decisions concerning bankruptcy filing, you need to talk to a business bankruptcy advocate first. Depending on your situation, a knowledgeable business bankruptcy attorney shall provide a complete analysis of your business.
A business bankruptcy attorney will also represent your interests in court when bankruptcy proceedings require court appearances and meet with your creditors when the settlement occurs out of court.
Attorney Brian Coggins is a seasoned California bankruptcy attorney; you can talk about your business’s position at any time. Irrespective of your case’s uniqueness, he will answer any questions you might have and assist you in making the right decisions by guiding through the options available.
So, You’ve Decided to File Bankruptcy, Which Chapter Should You File Under?
An attorney with a thorough understanding of bankruptcy chapters will help you to optimize your decision-making. You may file for bankruptcy under different chapters depending on what kind of legal entity your business is.
If you’re the sole proprietor of a business, you are solely responsible for all your business’s debts. Under a sole proprietorship, bankruptcy filing means filing bankruptcy for your business and as a person since you are not separate from the business. The most common form of bankruptcy, in this case, is usually Chapter 7 bankruptcy.
If your business is a partnership, all the business co-owners are jointly liable for the partnership’s debt obligations, except if it is a limited liability partnership. Since debt reorganization is available to partnerships, a partnership may choose to file for Chapter 11 bankruptcy.
Corporations and Limited Liability Corporations
Unlike sole proprietorships and partnerships, limited liability corporations and corporations are considered separate entities from their owners when filing for bankruptcy. With the personal assets of shareholders protected from the creditors, a business filing for bankruptcy here can choose either Chapter 7 or 11. Under the federal legal Bankruptcy Code, various kinds of bankruptcy are described. Depending on the type of legal entity they are, the following bankruptcy chapters are available to businesses:
Chapter 7 Bankruptcy
Being the simplest and most common form of bankruptcy, filing a Chapter 7 bankruptcy means that a business’s assets get to be liquidated, and its operations are brought to an end. If a debtor has very low income and extremely high debt, a trustee collects the debtor’s non-exempt assets, sells them, and distributes the proceeds to creditors. The business thus ceases to exist, and the owners move on.
Chapter 11 Bankruptcy
Businesses looking to restructure debt or renegotiate contracts can do so by filing for chapter 11. Under chapter 11 bankruptcy, the debtor continues operating their business as a bankruptcy court supervises creditors’ payment according to negotiated obligations contained in a debt reorganization plan. Being the most expensive and complex form of bankruptcy, businesses should consult a bankruptcy attorney for possible alternatives before deciding to file Chapter 11.
Chapter 13 Bankruptcy
Businesses that wish to avoid Chapter 7 bankruptcy should consider Chapter 13 bankruptcy. If your business is hitting very rough patches with debt, you could enter into this kind of debt reorganization plan with creditors to give your business a chance to get back on a stable footing.
Consult with an Expert Bankruptcy Attorney Experienced in Business Bankruptcies.
If your California business is dealing with bankruptcy and you are wondering how best you can protect your business’s future, you need to reach out to Coggins Law. With more than 15 years of offering bankruptcy advice and professional legal services to businesses going through bankruptcies, attorney Brian Coggins will examine your business’s bankruptcy case and help your business achieve financial freedom.
To get a free consultation, contact Coggins Law Office online or call +1 (916) 270-2895 today.