Bankruptcy Attorneys for Small Businesses in Southern California
Helping local businesses get the protection they need to grow and thrive
Competition is always tough, but in a tight economy, many small business struggle to succeed, operating on a shoestring budget and razor thin margins, waiting to turn that corner toward profitability and sustainability. Some cannot make it without help, and others simply cannot make it. Whether your goal is moving forward in your current enterprise or moving on to another venture, the attorneys at Rounds & Sutter provide the advice and assistance to get you the right type of bankruptcy protection and help you reach your goals.
Restructure with Chapter 11
A Chapter 11 reorganization allows a business to create a plan for paying off its debts over a period of time. This plan may involve restructuring or reorganizing the company to be more efficient or profitable. During this time, the company remains in business and the business owner continues to control the company as the debtor in possession. A company that goes through Chapter 11 can exit bankruptcy in a healthier financial shape, ready to grow and thrive and without the constant stress and pressure of banks and creditors demanding payment.
Wind up operations with Chapter 7
In the event that it is not feasible or desirable to continue operating the current enterprise, utilizing Chapter 7 is a sensible way to wind down operations. Depending upon the corporate structure, simply going out of business may not be sufficient to prevent the company’s creditors from coming after all the assets of the business or even the owner’s own personal property. A Chapter 7 puts creditors on notice of the business dissolution and in most cases will serve to prevent a number of lawsuits from creditors seeking payment of debts and other financial obligations.
More flexible options for certain small businesses
If you run a small or medium-sized business, there may be other options open to you as well, depending upon how your business is structured. For instance, if you are operating as a sole proprietorship or closely-held company, there may be no legal distinction between yourself and your company. In these cases, you may be able to take advantage of a Chapter 7 or Chapter 13 personal bankruptcy to free yourself and your company from oppressive debt while still remaining in business.
Experienced Business Attorneys Finding the Right Solution
At Rounds & Sutter, we work for California small businesses every day, guiding them through real estate deals and other business law transactions, and litigating matters ranging from breach of contract to unlawful trade practices. We understand the daily struggles and long-term challenges small businesses face, and we can help you create a solution that best meets your needs. If you are having difficulty meeting your company’s financial obligations, contact Rounds & Sutter to explore small business bankruptcy and other options open to you.