Options for New Jersey Business Bankruptcy

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Options for New Jersey Business Bankruptcy

When a business is struggling to make ends meet, they may not be unsure of where to turn. If a business owner isn’t sure of what to do, it may be time to consider filing for bankruptcy. There are two types of bankruptcy that businesses can consider so it is important to determine which option is best.

Chapter 7 Business Bankruptcy

When a business files for Chapter 7 business bankruptcy, it is often because debt restructuring simply isn’t practical for the company. This is a liquidation option and requires the business to pay off as much debt as they can. This often means that the business will have to close down but it does mean that the business owner can walk away without the burdens of the business’ debt. Chapter 7 is typically best for businesses that have very little potential to make a profit simply due to the amount of debt.

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Chapter 11 Business Bankruptcy

A Chapter 11 business bankruptcy allows the business to restructure their debts while keeping the business open. The primary goal is to allow the business to get rid of overhead costs and eventually become profitable. The business can pay off some of the debts over a period of 5 years.

If you have questions about business bankruptcy, contact our firm today.

Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you. 

About the Firm

Juan Velasco, Esq. has over 25 years of experience passionately practicing law. Juan Velasco provides legal counsel to individuals, corporations, and institutions concerning substantial legal and financial matters.

Velasco represents clients in formal and legal proceedings, including negotiations to ensure amicable settlements that benefit their needs. He has over 2 decades advising clients concerning legal options available in complicated transactions. Mr. Velasco has drafted countless contracts and supporting documents for his New Jersey clients. He responds to inquiries, assisting clients in determining the most favorable position. He also provides legal guidance concerning appropriate business actions.

 

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  VELASCO LAW OFFICE

1870 Route 27 – Suite 202
Edison, New Jersey 08817

Our offices are conveniently location on Route 27 in Edison, New Jersey, Attorney Velasco is ready to actively protect your interests. If you are in need of a passionate and effective lawyer, contact Velasco Law Office.




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