Our country became great because of the people who were willing to take risks to try something new. For many, the path to greatness has been marked by various stumbling blocks in the way. Thomas Edison and Albert Einstein both experienced numerous failures before finding success.
Businesses may also falter on that path. Sometimes a business may close its doors for good; other times a business may need some help to work through a particular hurdle to get back on track again. Business bankruptcy exists to ensure that nobody spends their life paying off a venture that did not immediately take flight.
At Mathis, Bates & Klinghard PLLC, our attorneys help small and large businesses in Clarksville and throughout Tennessee get relief from debt through bankruptcy. Whether you operate a restaurant, construction company, manufacturing shop or retail store, we can evaluate your situation and advise you of your options.
Businesses looking for bankruptcy protection have two options, Chapter 7 and Chapter 11 bankruptcy. Each bankruptcy works very differently and is used to achieve a different objective.
Chapter 7 bankruptcy for business — This type of bankruptcy is used most often when a business is looking to close its doors for good. Generally, businesses that pursue Chapter 7 bankruptcy are not performing well and are unlikely to recover. Businesses can use Chapter 7 bankruptcy as part of an exit strategy to wind up their business affairs. Business owners who have personal liability for a business may join in the bankruptcy to shield themselves from liability for business debts.
Chapter 11 bankruptcy for business — This type of bankruptcy is often the best option for businesses that stand a good chance of becoming viable again. Businesses create a reorganization plan that will enable them to make good with creditors while enjoying the protection of the bankruptcy court. Chapter 11 bankruptcies require a business to renegotiate contracts with other business partners including suppliers/vendors so the business can become viable again. Our lawyers can assist businesses with these renegotiations as part of representation.
Businesses contemplating reorganization through bankruptcy are often concerned about how they will function while their case is pending. Rest assured, we will guide you through every step of the process from managing employee payroll to other facets of business operations. We will help you figure out the logistics of continuing to operate and becoming a profitable enterprise while getting caught up on debt.
Part of our guidance includes helping the business manage its liabilities. To become viable, businesses may face some losses. This may include closing certain locations or liquidating certain assets. While these decisions can be difficult, they ultimately serve a greater purpose of enabling a business to move forward.
If your business is floundering and you are struggling to stay afloat, call our firm at 931-444-3153. Experience has shown us that businesses that get help earlier are more likely to be successful in a reorganization than those that wait. Businesses that wait too long for help sometimes find that liquidation is the only option.
Do not wait until it is too late. Get help from Mathis, Bates & Klinghard PLLC. We represent clients throughout the state of Tennessee and western Kentucky. Schedule your complimentary consultation online or call us at (931) 919-5060 to learn more about your options.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.