Kentucky Business Bankruptcy Lawyer
Bankruptcy laws are intended to give a fresh start to those people and businesses who find themselves drowning in large amounts of debt.
The KY bankruptcy law firm of Bunch & Brock also views bankruptcy as an opportunity for a new financial beginning, and we have helped thousands of consumers and corporations lower the amount of debt they owe (often eliminating it completely) while increasing the period of time in which the debt has to be paid.
Following the lead of founding member W. Thomas Bunch, who has over 40 years of experience representing financially distressed companies, the entire firm stays informed of the constantly evolving bankruptcy laws and makes the most out of the opportunities afforded by them.
If you’re wondering whether bankruptcy is right for your business or if you are a creditor unsure of your rights, arrange a free initial consultation with a Kentucky business bankruptcy lawyer at Bunch & Brock by calling 859-254-5522 or filling out this online form.
Chapter 7 Bankruptcy
Chapter 7 is the most frequent form of bankruptcy filing and is also one of the fastest ways to start over. The main principle of Chapter 7 bankruptcy is liquidation, which means that the business stops operating and anything it owns is turned over to a trustee for sale. The proceeds are paid out to the business’s creditors to satisfy as many debts as possible, including lease obligations, credit cards, loans and contracts.
Personal liability for business debt is not erased by a business bankruptcy – it can only be discharged through a Chapter 7 personal bankruptcy or by negotiating a settlement with the creditors. If you are the sole owner of a corporation or LLC, or if you are involved in a partnership, the intricacies of bankruptcy law make it crucial that you speak to a lawyer if you’re interested in filing a business bankruptcy. Proceeding without skilled legal representation could cost you even more than what you already owe.
Chapter 11 Bankruptcy
In contrast to liquidation, the main principle of Chapter 11 bankruptcy is reorganization, which means that the business is given a certain period of time to pay back its debts under better terms. By filing for Chapter 11, a distressed business may be able to rehabilitate itself while staying largely under the control of the business owner. An experienced attorney can help businesses reorganize their debts on more favorable terms and come out of bankruptcy with a refreshed financial outlook.
Serious financial problems require serious legal representation. Over the past 35 years, we have eliminated hundreds of millions of dollars of debt for our clients.
Bunch & Brock is committed to providing each of our clients with a high level of personal service and real solutions to financial troubles. If you are a business owner who is considering filing for bankruptcy or wants to know more about the process, contact us Kentucky business bankruptcy lawyer today to schedule a free consultation. We will assess your situation, explain the rules and help you determine whether bankruptcy is right for your circumstances.
We can represent the debtor-in-possession, secured creditors and unsecured creditors’ committees in corporate bankruptcies. We also accept cases involving various adversary proceedings, such as discharge litigation and defense of bankruptcy preferences.