Can Bankruptcy Save Your Virginia Business?
Debt Solutions for Owners of Closely Held Companies
I get many inquiries from small business owners about Chapter 11 bankruptcy. I tell them the truth: the success rate is low for Chapter 11. There may be better strategies for dealing with business debt, or it may be most prudent to file for Chapter 7 bankruptcy and start over.
I am Nathan D. Baney, an attorney who concentrates in bankruptcy and debt solutions. I have helped many owners of closely held businesses determine the best course of action.
Free Small Business Bankruptcy Analysis by an Experienced Lawyer
My law practice welcomes inquiries from business owners in Alexandria, Fairfax and across northern Virginia and Washington, D.C. Contact me today to explore your options.
Chapter 11 Small Business Bankruptcy
A Chapter 11 reorganization halts creditor actions and allows you to work with your creditors to restructure your debt in a way that will make your business profitable again. But the process is expensive and time-consuming, and may not be the right solution for your business. I will conduct a thorough analysis of your liabilities, assets, projected income and cash flow to determine if you are a good candidate for Chapter 11 bankruptcy.
Alternatives to Filing for Chapter 11 Protection
If Chapter 11 bankruptcy is not advisable, I can still represent you in:
- Loan workouts — I can negotiate with your lender to restructure or extend your commercial loan to keep the business operating.
- Direct negotiations — Suppliers and other creditors may be willing to settle debts for less rather than fighting for a piece of the pie in bankruptcy proceedings.
- Chapter 7 bankruptcy for the business — This folds the business and liquidates its assets to pay creditors. Chapter 7 allows you to wrap up the business and get closure in a brief period rather than taking the time and expense to answer to lawsuits years later as creditors look for additional business assets.
Call my Alexandria office at 703-684-2000 to arrange a free initial consultation, including evenings, weekends or off-site by appointment.
Under the current Bankruptcy Code, I am classified as a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
