Bankruptcy Guidance For Businesses
Running a business can be one of the biggest challenges that a person takes on. When sudden issues call for a business owner to consider filing for bankruptcy, they may be surprised to find the business bankruptcy process is complicated. I am Doug Adelsperger, an Indiana attorney with decades of experience representing businesses through the challenges of filing for bankruptcy. This in-depth experience allows me to provide the assistance necessary from start to finish.
Advantages Of Bankruptcy
Even a highly organized business owner may experience an unexpected hardship that calls for considering filing for business bankruptcy. There are different types of bankruptcy for various types of businesses. I can help you determine if your business qualifies for filing bankruptcy and what type would be suitable for your needs. For example:
- Chapter 11 – This type of bankruptcy involves business reorganization to minimize costs while streamlining processes. There are multiple options under Chapter 11 that have different debt limits, deadlines and rates of confirmation.
- Chapter 12 – This type of bankruptcy primarily pertains to farmers and fishermen repaying the whole or a portion of their debts under a payment plan that lasts between three and five years.
- Chapter 13 – This reorganizes debts and develops a repayment plan. Business entities or LLCs are not able to file for Chapter 13, but the business owner may be able to avoid personal responsibility for the business’s debts. For Chapter 13 applicants, a repayment plan can allow you to pay off your debts in a reasonable timeline with manageable monthly payments. During this repayment schedule (usually lasting three to five years), the debtor will need to undergo extra reporting. I assist my clients with understanding and complying with the requirements for extra reporting.
Get The Guidance You Need
If you are a business owner considering bankruptcy for your business, contact my offices in South Bend, Fort Wayne and Wolcottville. Call 260-407-0909 or email me here to schedule your initial consultation.
Adelsperger Law Offices, LLC, is a debt relief agency. I help businesses file for bankruptcy relief under the Bankruptcy Code.