Robinson & Lawing, LLP | Law Firm in Winston-Salem, NC

Bankruptcy and Business: Legal Options for Financial Distress

The world of business is a dynamic landscape where success and challenges often walk hand in hand. Unfortunately, financial distress can strike even the most well-managed companies. However, there are legal avenues that can provide much-needed relief and a chance for a fresh start.

Robinson & Lawing is a trusted legal partner providing a broad range of legal services to clients throughout North Carolina. Our expertise in the legal field, especially in matters related to bankruptcy and business law, has been instrumental in assisting businesses in times of need. Contact us online or call (336) 631-8500 today.

Strategic Steps for Navigating Bankruptcy

Facing financial turbulence and navigating bankruptcy in a business can be a complex and challenging process. It’s essential to consult with a business lawyer in Winston-Salem to determine the best approach for your specific situation. Here are some legal solutions and steps you can consider:

  • Consult with a Bankruptcy Attorney:
    • The first step is to hire an experienced business lawyer who can guide you through the legal process, assess your financial situation, and help you make informed decisions.
  • Assess Your Financial Situation:
    • Work with your business lawyer to assess the extent of your financial problems. Determine if bankruptcy is the best course of action or if there are alternative solutions.
  • Choose the Right Bankruptcy Chapter:
    • In the United States, there are primarily two types of bankruptcy chapters for businesses:
      • Chapter 7: Liquidation, where the assets are sold to repay creditors.
      • Chapter 11: Reorganization, allowing the business to continue operations while restructuring and repaying debts.
  • File for Bankruptcy:
    • File the necessary bankruptcy petition and accompanying documents with the appropriate bankruptcy court.
  • Automatic Stay:
    • Upon filing for bankruptcy, an automatic stay goes into effect. This prevents creditors from pursuing further collection actions.

Business Lawyers in Winston-Salem

Ready to safeguard your business’s financial future? Contact Robinson & Lawing today, and let our experienced legal team guide you through the complexities of business law, ensuring the best possible outcome for your company. Don’t let financial distress jeopardize your business; call (336) 631-8500 today.