Small Business Bankruptcy Lawyer Hartford, CT
An Introduction to the Chapter 11 Bankruptcy Process
As soon our firm’s Hartford, CT small business bankruptcy lawyer submits your bankruptcy petition, all collections actions will halt as a result of a legal safeguard known as the “automatic stay.” This stay will remain in place for as long as your case remains open and under consideration. The automatic stay process helps to give small business owners time to navigate the bankruptcy process without having to simultaneously fight collections actions. Among the collections actions that will halt upon initiation of the automatic stay are payment requests, bank levies, property seizure, and other legal processes related to collections.
Note that as a “debtor in possession,” you will remain entitled to run the everyday operations and serve most of your ordinary functions as a small business owner throughout the bankruptcy process. You will simply need to seek court approval for certain significant financial decisions, including entering into or breaking a lease, ceasing business operations, expanding your company, and entering into certain new contractual agreements.
As you work through the bankruptcy process, our firm will assist you in creating a financial plan that will, ideally, empower your company to remain operational well into the future. This process is complex, as we must restructure your debt in ways that your creditors and the court will approve of. It is possible that your plan will involve downsizing, modifying interest, discharge of debt, and a host of other financial tools designed to make your debt management process far more manageable than it is now. Additionally, chances are good that you’ll receive significant debt relief per the terms of your bankruptcy agreement. If you’re hoping to liquidate your assets and close your doors, we can explore this possibility with you as well.
Legal Assistance Is Available
Attending a consultation with the experienced Connecticut legal team at the Law Offices of Ronald I. Chorches will not obligate you to file for bankruptcy. The consultation process simply ensures that small business owners struggling with debt have the ability to ask a legal professional questions and to receive an objective case analysis so that they can make informed decisions about their legal situation. You have poured your blood, sweat, and tears into your small business. Please allow our Hartford, CT small business bankruptcy lawyer team to help you keep it operational during tough times; we look forward to speaking with you.
We also service clients from Bridgeport, Waterbury, and New Haven.