Our Attorneys Guide You through the Process of Business Bankruptcy in Indiana
Where to turn when your real estate or small business is undergoing bankruptcy in the Northern District of Indiana
Businesses turning to bankruptcy to seek relief from mounting debt often have large assets to protect as well as large debts to repay. Business bankruptcies therefore tend to be quite complicated processes. To ensure that your interests are thoroughly protected and that you are aware of all options available to you, contact the attorneys of Gouveia & Associates for a free debt consultation.
The main factors that a business going through bankruptcy must consider are:
- How reorganization will affect your small business
- Real estate ownership or rental
Chapter 11, Chapter 7 and business reorganization
You have options in how you decide to settle your business’ debts. The most common approaches include the non-bankruptcy reorganization of the business to restructure finances, Chapter 11 and Chapter 7 for small businesses. Which option you elect depends on whether you want to keep your business open or if you would prefer to liquidate your assets and seek a fresh start. Our bankruptcy attorneys assist you in making these important decisions for the future of your business.
- Chapter 11 — Chapter 11 is similar to Chapter 13 bankruptcy for consumer clients. For businesses, Chapter 11 involves a repayment plan structured to accommodate the large assets and debts involved in business financial transactions.
- Chapter 7 — Chapter 7 for small businesses is also similar to Chapter 7 for individuals. It provides business owners with an expedient option for clearing debt and offers a fresh start after the filing is complete. However, Chapter 7 cannot clear all business debt, so speak with an attorney to ensure that this approach serves your interests, needs and goals before you file.
- Business reorganization — Bankruptcy is not the only option for clearing the money owed to creditors. Other forms of business reorganization, including loan workout negotiations, mergers, acquisitions and transfers, may also provide the financial flexibility necessary to get your business out of the red.
To discuss whether a bankruptcy is right for you or if you can successfully resolve your debt through another alternative, contact our bankruptcy attorneys in Merrillville today.
Our lawyers work with you to determine which approach meets your business needs
Email the attorneys of Gouveia & Associates or call us at 219-576-6192 to schedule your free consultation. At your initial visit, we thoroughly discuss your situation and offer candid advice as to which options may serve your needs and the needs of your business. Our office is easily accessible, located near the intersection of Route 30 and Interstate 65 in Merrillville, Indiana. Free parking is available.