Do You Need An Attorney To File For Business Bankruptcy?
When your business has accrued much more debt than you can pay down, bankruptcy may be on your mind as a way to remedy your situation. But, filing for business bankruptcy does not always mean that your business is ending and you have to close your doors. In some cases, continuing operations makes sense while in others it is not prudent to continue on. What the ultimate goal of bankruptcy is, will depend on the type of bankruptcy that is being filed, because there is more than one that may be applicable.
Bankruptcy and large amounts of debt can be two situations that cause great distress and confusion for business owners. Figuring out what the benefits and drawbacks of each type of bankruptcy are and what will be the best option for the financial situation a business is in can be a challenging proposition if done alone. But, business owners in New York do not have to handle such significant decisions by themselves. The New York City business bankruptcy lawyer Harry D. Lewis can help.
When is a Lawyer Needed to File a Business Bankruptcy?
Whether it is Chapter 7, Chapter 11, or Chapter 13 bankruptcy, having experienced and knowledgeable legal counsel on your side is usually recommended. Bankruptcy proceedings can be very complicated and intricate. Having proficient legal representation can help you get through the process much more effectively and with the least amount of further anguish.
Like the various bankruptcy types, there are also different business structures. Whether you have a sole proprietorship, a partnership, S corporation, corporation, or limited liability company, bankruptcy is not something to be done alone. In fact, the only business structure that does not have a requirement to legally use an attorney is a sole proprietorship. This means that for the other types of business structures that are not sole proprietorships, an attorney is necessary.
Going through the bankruptcy process while trying to run a business is a tall order for anyone, even those that have a sole proprietorship. There are fees and an abundance of paperwork that must be filled out correctly and filed properly based on the type of bankruptcy you chose. A lawyer who understands the bankruptcy laws and also can offer other legal services like bankruptcy litigation or reorganization will best position you for the most successful outcome for your circumstances.
For more than four decades, the New York City business bankruptcy attorney Harry D. Lewis has been helping struggling businesses achieve their objectives and get out from under their overwhelming financial burdens. Attorney Harry D. Lewis can assist you too when you are trying to figure out how to handle the process of bankruptcy.
Speak with a New York City Business Bankruptcy Lawyer Today
Navigating the complicated process of bankruptcy is not easy and there is much to consider. For more help or for all of your questions about business bankruptcy, you can call the New York bankruptcy attorney at The Law Office of Harry D. Lewis to schedule a free consultation at 212-859-5067 today.