Business bankruptcy law is a powerful tool working in your favor–if you know how to use it.
The law is written to help you. It is not written to help the IRS, it is not written to help your creditors. It is written to give you (and possibly your business) a new start.
Any bankruptcy can reduce your debt. But just reducing your debt does not necessarily give you the new start you need to move on with your life. It takes a strategy and a plan to get closure.
The complexities of bankruptcy can lead lawyers to be overly conservative—at your expense.
While it is on your side, the bankruptcy process can be complex. There are several solutions available to handle business debt problems. The best path is often the longer path, which can lead lawyers to take the fast money and you, the debtor, to make an emotional decision to just get it over.
Something as simple as when you file, can make a dramatic difference to your benefit.
Often during the path to bankruptcy, the company’s books get messy making it difficult to decipher where the company is at financially.
If the company is still operating, employees and vendors add additional pressure to the situation
If you have IRS debt the need for speed can be amplified. As the demanding letters start coming, the pressure to settle becomes intense.
If your business debt is becoming unmanageable, let us help you. With one call you will have both the financial and legal help you need.
For over 20 years the Law Offices of Eric Zelazny have been helping businesses, from sole proprietors to those owing up to $10 million in debt, with their unique financial issues.
Staring with our first no cost, no obligation consultation, we will consider several options to find the best choice for your situation, including:
- Chapter 11 Business Reorganization provides protection from creditor collection activity while the business implements a debt repayment plan approved by the court. The business may continue to operate and earn revenue while going through Chapter 11.
- Debt Settlements: There are times when it is better to settle your business debts directly with your creditors rather than go through the bankruptcy courts. If this is your best option, we can negotiate a manageable debt repayment plan that will put your business on the road to financial solvency.
See how we knocked down an $800,000 IRS debt to $10,000
Explore your optionsBusiness IRS Issues: When businesses face financial trouble, they often end up owing back taxes as well. Debts to the IRS and Illinois Department of Revenue are often the most difficult to settle. We put our two decades of financial and legal experience to work to negotiate with these agencies toward reaching the most favorable settlements possible for our clients.
Chapter 7 Debt Liquidation: Entrepreneurs that have a sole proprietorship may be able to file a personal Chapter 7 bankruptcy to liquidate their debts and continue business operations. However, when a partnership, LLC or corporation files for Chapter 7, the business must cease operations and the assets are liquidated to cover as much debt as possible. This might be the right option if you intend to close the business. However, if you want to keep the business running, a better option may be Chapter 11.