Bankruptcy and Creditor’s Rights
The Cromeens Law Firm can help you navigate the distressing situation of filing for bankruptcy or recovering a debt from a business in bankruptcy. The Cromeens Law Firm team represents parties in every layer of a bankruptcy proceeding: debtors, secured lenders, unsecured creditors, transferees in fraudulent transfer and preference litigation, director and officer and successor liability litigation, lien challenge litigation, contested confirmation and claim objection proceedings, asset sales, and bankruptcy appeals.
If your business is experiencing serious debt problems, filing for bankruptcy may give you the time you need to save your business. Businesses have two options: Chapter 7 and Chapter 11.
Chapter 7 bankruptcy is used to resolve debts of a business that will no longer operate. This chapter is used to liquidate a business that cannot make it through a Chapter 11 case.
Chapter 11 bankruptcy is used to reorganize a business and create a debt repayment plan. This process is tedious and time consuming. Additionally, while an individual can represent themselves in a legal proceeding, an entity may not. Because your business may not represent itself, you need to hire counsel that will fight for your business. Our team can help debtors to stop foreclosures and repossessions that threaten their business, renegotiate debts with creditors, and to get out of leases and contracts. Chapter 11 should be a last resort, but if your business has ongoing debt concerns that are overwhelming, reach out to our team.
Because our attorneys have experience in each aspect of business litigation, our team is able to assess a client’s need and recommend and implement a strategy for your specific case. Our team is experienced in the fast paced litigation that can arise in this context, whether those matters are temporary injunction and contempt proceedings, or matters concerning expedited discovery and discovery disputes. Our team often draws upon the resources of the firm’s litigation practice groups and can bring experience in a range of dedicated areas that can be implicated in insolvency and bankruptcy litigation.
Bankruptcy is a high stakes high stress situation for you and your business. Whether your small business has overwhelming debt that needs to be restructured or you are trying to recover a debt, our team can help. The Cromeens Law Firm can help all parties included in a bankruptcy proceeding across various industries including construction contractors, subcontractors and material suppliers, equipment lessors, landlords, and other commercial clients.