Experienced Business Bankruptcy Attorney Services in Las Vegas!
To find peace of mind with your business, you must seek effective services from an experienced business bankruptcy attorney in Las Vegas, Nevada. It is totally normal for every business to experience financial struggles. These challenges can snowball into overwhelming debt. Business owners often struggle to find solutions.
Quick Summary:
- Business bankruptcy allows for debt restructuring or asset liquidation under court protection, offering a lifeline for struggling businesses.
- Chapter 11 is available for businesses and people with either large estates or excessive debt
- Chapter 11 lets you spread out your payments, lower what you owe, or change your debts in other ways.
- Chapter 11 allows for reorganization, enabling businesses to continue operations.
- Choosing bankruptcy depends on financial circumstances and long-term business goals.
- Steps include gathering financial documents, completing required forms, and taking credit counseling and debtor education courses.
- Trustworthy representation from a qualified attorney is crucial throughout the process.
What is Business Bankruptcy in Las Vegas, Nevada?
Business bankruptcy in Las Vegas, Nevada, allows businesses facing financial distress to restructure their debts. They can also liquidate their assets. The bankruptcy court protects them during this process. It involves various stakeholders such as debtors, creditors’ committees, secured and unsecured creditors, equity holders, lenders, investors, and trustees.
Chapter 11 Bankruptcy
Chapter 11 Bankruptcy is a way for businesses that are in debt to keep running. They do so while they make a plan to pay back their creditors. Creditors are the people or companies that the business owes money to. A court has to approve the plan and protect the business from the creditors. This protection is needed while the plan is being followed. This way, the business can reorganize its finances and operations. It can become profitable again.
Individuals can also declare bankruptcy. When someone files for Chapter 11, they put together a plan for how they’ll repay creditors. If the creditors agree and the court gives the thumbs up, the person or business can sort out their money matters and get back on track financially.
Chapter 11 Bankruptcy is different from Chapter 7 Bankruptcy. Chapter 7 is when a business stops operating and sells its assets to pay its debts. Chapter 11 Bankruptcy is different from Chapter 13 Bankruptcy. In Chapter 13, individuals with a regular income make a plan to pay back some or all of their debts over time.
So, Chapter 11 Bankruptcy is a way for businesses to keep going while figuring out how to pay their debts. It’s like a pause button that gives the business some breathing room to get back on its feet.
Is Chapter 11 Only for Businesses?
While you might think filing for Chapter 11 bankruptcy is only for giant companies, it’s actually an option for individuals too, especially those with big debts and valuable assets.
Large Estates:
- If your assets (house, car, investments) far outweigh your debts, even after selling non-essential possessions, Chapter 11 might be an option. It allows you to keep valuable assets while restructuring your debt repayment plan.
Excessive Debts:
- Do you have debts significantly higher than the average person, potentially exceeding hundreds of thousands of dollars? If so, Chapter 11 could provide a framework to manage and repay them over time.
Inability to Repay Under Other Chapters:
- If you don’t qualify for other bankruptcy chapters like Chapter 7 (liquidation) or Chapter 13 (repayment plan), Chapter 11 offers an alternative for complex financial situations.
Why Should You Consider Filing for Business Bankruptcy in Las Vegas, Nevada?
Filing for business bankruptcy in Las Vegas, Nevada, can be a strategic decision. It helps manage overwhelming debt and protect your business. It provides a legal way to restructure or eliminate your business debts. It also protects you from further legal action by creditors. The process can offer a fresh start by discharging certain debts. It allows businesses to keep operating, retain employees, and potentially become profitable again.
Should I File Chapter 11 Bankruptcy as an Individual?
Filing for Chapter 11 bankruptcy in Las Vegas, Nevada, has some good things:
- Fixing Debt: Chapter 11 lets a company or person fix their debts. They can make them longer or shorter or cut down on costs, which helps the business get better.
- Keep Going: When a company does Chapter 11, it usually stays open. This means it can keep making money while it sorts out its money problems.
- Talking to Creditors: Chapter 11 stops people from trying to get money from you and helps you talk to them about paying what you owe. It gives you time to make a plan to get better with money.
- Protecting Stuff: In Nevada, the rules about bankruptcy mean you might get to keep most or all of your things while getting rid of a lot of your debt.
- Starting Fresh: Doing bankruptcy in Las Vegas can quickly help you with your debt and give you a chance to begin again.
Should I File Bankruptcy For My Small Business?
The Small Business Reorganization Act (SBRA) is a valuable tool for small businesses. The process is now simpler and more effective than it was a few years ago. With the SBRA and a business bankruptcy filing, you can keep your Las Vegas small business open. You can reorganize its debts and maintain ownership. As a small business owner, you might be uncertain if bankruptcy is the right choice. Depending on your financial situation, your small business could benefit from:
- Chapter 7 Bankruptcy, also known as liquidation bankruptcy, is suitable if your small business is insolvent. You’re winding down operations. If you wish to continue business, consider Chapter 11 bankruptcy instead.
- Chapter 11 Bankruptcy allows small companies to restructure their financial obligations. It helps them regain stability. With Chapter 11, you’ll repay all or part of your debts over 3-5 years, and any remaining debt is typically forgiven afterward.
How Do I File Business Bankruptcy?
Filing for business bankruptcy in Las Vegas, Nevada, involves several steps:
- Collect your Nevada Bankruptcy Documents: Gather all necessary financial documents related to your business. Notably, your income tax return for the last two years and recent bank statements for any checking or savings account. Also, other relevant documents showing your income and more.
- Take a Credit Counseling Course: This must be obtained prior to filing for bankruptcy. This program is meant to ensure you understand the different ways to relieve debt. It also aims to help you understand the results of filing for bankruptcy. It’s imperative that you enroll in the course offered by an approved provider within your state.
- Complete the Bankruptcy Forms: Fill out the required forms detailing your business’s financial status.
- Get your Filing Fee: The filing fee for Chapter 11 bankruptcy in Nevada is required. If the business cannot pay this upfront, it can be made in four installments. The deadline is 120 days after filing. If the court agrees to extend the deadline, it is 180 days.
- File Your Forms With the Nevada Bankruptcy Court: Submit the printed forms to the court. These are the Creditor Matrix and the Verification of Creditor Matrix forms.
- Mail Documents to Your Trustee: Send the necessary documents to your appointed trustee. This includes a photocopy of your Social Security card. Also, a photocopy of your current driver’s license or other government-issued photo ID. Also, duplicates of recent salary slips.
- Take a Debtor Education Course: This is a requirement after filing for bankruptcy. This program is similar to the credit advisory session you attended before starting your case. However, it focuses on smart financial strategies to make the most of your fresh start. It does not focus on ways to reduce debt.
Why Do I Need a Business Bankruptcy Attorney in Las Vegas, Nevada?
Filing bankruptcy is a complicated process. But the question still remains in many people’s minds in Nevada. When hiring a business bankruptcy attorney in Las Vegas, Nevada, what qualities should you look for? Below are some of the qualities possessed by Riggi Law Firm:
- Experienced: For more than three decades, our legal team has been helping thousands of individuals in Las Vegas, Nevada experiencing financial setbacks. We ensure that each person will minimize the confusion and stress in filing bankruptcy by themselves as they manage their business.
- Reputable: Riggi Law Firm has been recognized as top 10 in Nevada client satisfaction having highest lawyer rating. Our team is also reputed as the most successful in Chapter 11 Plans.
- Affordable: We offer low prices for Chapter 7, Chapter 13, and Chapter 11 bankruptcy. You can surely rely on us without worrying about your finances.
If you are still searching for a business bankruptcy attorney in Las Vegas, Nevada, you can definitely rely on Riggi Law Firm. Our experienced legal team will make sure that you get the highest quality of legal services you rightfully deserve!
Call our Business Bankruptcy Attorney in Las Vegas, Nevada Now!
It is important to hire the right business bankruptcy attorney in Las Vegas, Nevada. This will help you achieve the desired results. Choosing the right one should be your first step, which you should not take lightly. While there are many bankruptcy attorneys out there, you only need one. Make sure you have an experienced business bankruptcy attorney with you in Las Vegas, Nevada!
You deserve a business bankruptcy attorney in Las Vegas, Nevada. They should have experience, reputation, and affordable legal services. With more than 30 years of experience, you can be assured of receiving the highest quality legal service. Get a free initial consultation now.