How Do You File For Bankruptcy As A Business?
Just like individuals, businesses fall victim to financial difficulty. If you feel bankruptcy is the only option for your business, these suggestions can help guide you through the complicated procedure of filing for a business bankruptcy. Although it is not mandatory to be represented by an attorney when filing bankruptcy, it is wise to at least consult with a lawyer familiar with the U.S. Bankruptcy Code since bankruptcy law is complicated. To file for business bankruptcy, a debtor must file specific forms with the Bankruptcy Court. If the exact forms with accurate information, such as assets and liabilities, are not included in your paperwork, your business may lose the protections and privileges afforded to debtors who file bankruptcy. A lawyer, designated by the recently revamped Bankruptcy Code as a “Debt Relief Agent” can help ensure your business enjoys the protections of bankruptcy as long as necessary to reorganize or liquidate your business. The Bankruptcy Code specifies und
