Assisting NJ Business Owners with the Business Bankruptcy Process
Commercial bankruptcy may be the best option for businesses looking to reorganize debt as well as for those looking to liquidate assets for a business dissolution. Garland & Mason, L.L.C., a New Jersey law firm, is ready to assist small and mid-size business owners with the business bankruptcy process. We offer a free initial consultation to discuss whether commercial bankruptcy may be the right strategy for you. Contact our business bankruptcy lawyer at (732) 358-2028 or by e-mail.
Businesses May File for Chapter 7 Bankruptcy.
Chapter 7 bankruptcy is not an option only for people; it is available to businesses as well. Also known as liquidation bankruptcy, it addresses a business’s insolvency by liquidating assets to pay creditors. Furthermore, under many circumstances, Chapter 7 bankruptcy effectively leaves no liability for discharged debts.
Commercial Bankruptcy May Save Your Home From Foreclosure.
Filing for Chapter 7 bankruptcy will result in the liquidation of business assets and business dissolution. Moreover, commercial bankruptcy ties up the financial affairs of the business, which protects it against potential future liability.
However, if dissolution is not handled properly, business owners may be liable for unresolved debt obligations. Additionally, if you assumed a personal loan or used your personal property (such as the family house) as collateral for business operations, you may face home foreclosure and personal liability.
A Business Bankruptcy Lawyer Will Help You Protect Your Interests.
Consequently, if your business is facing financial difficulty, Garland & Mason, L.L.C. can help you determine whether commercial bankruptcy is the appropriate strategy for your business. Contact us today to schedule a free initial consultation with an experienced business bankruptcy lawyer.
Our Manalapan, New Jersey, office is handicap-accessible and is conveniently located just fifteen minutes from the New Jersey Turnpike and the Garden State Parkway. Parking is free. Contact us today by telephone at (732) 358-2028.