Michigan Business Bankruptcy Attorneys
The Law Office of William C. Babut, P.C. works with small and medium sized business throughout Southeastern Michigan on business bankruptcies. Our lawyers have significant experience protecting the officers, owners, and shareholders from personal liability when businesses experience financial hardships.
Chapter 7 Bankruptcy for Businesses
While Chapter 7 bankruptcy, liquidation bankruptcy, is most common thought of in terms of consumer bankruptcy, many small and medium sized businesses use Chapter 7 bankruptcy to protect their personal property when a business fails. When businesses file for Chapter 7 bankruptcy, they generally do so due to overwhelming debt that is driving the company out of business.
Chapter 7 business bankruptcy is only for businesses that are going out of business permanently. A business with a solid foundation that is experiencing financial difficulties should reorganize under Chapter 11 bankruptcy protection.
Chapter 11 Business Bankruptcy
Chapter 11 bankruptcies provide a solid business the opportunity to reorganize their business and debt while under the protection of the bankruptcy court. While this provides a chance at a new beginning for many business, many others never emerge from Chapter 11 bankruptcy protection and their status is converted to Chapter 7.
Experienced Michigan Business Bankruptcy Attorneys
Our Michigan business bankruptcy attorneys are experienced at determining the personal financial risks of officers, owners, and shareholders in Chapter 7 bankruptcy filing. We have provided legal advice and representation to sole proprietorships, Limited Liability Corporations (LLC), and corporations considering filing for Chapter 7 and Chapter 11 bankruptcy protection.
Contact our Michigan Personal Bankruptcy Attorneys
If you considering filing for a Chapter 7 or Chapter 11 business bankruptcy, please contact the Law Office of William C. Babut, P.C.. Our attorneys have the skill and experience to explain and limit the personal liability of officers, owners, and shareholders in Michigan business bankruptcy filings.
