GRAND RAPIDS BUSINESS BANKRUPTCY ATTORNEY - COMMON QUESTIONS & ANSWERS
The Grand Rapids Business Bankruptcy Attorneys at Krupp Law Offices P.C. can answer your questions when your business is facing financial problems and you have questions about your chapter 7, Chapter 11, and Chapter 13, bankruptcy options. It's important to have the representation of a good business bankruptcy attorney. Krupp Law Offices P.C. has been providing quality business bankruptcy representation for over 85 years. If your business is facing financial problems, call the business bankruptcy attorneys at Krupp Law Offices P.C. for a free phone consultation. During your phone consultation, our attorneys will provide you with free immediate answers to your questions and a schedule a free initial appointment with one of our business bankruptcy attorneys.
CALL FOR A FREE PHONE CONSULTATION AT 616-459-6636
BUSINESS BANKRUPTCY - COMMON QUESTIONS AND ANSWERS
- WHAT IS THE BUSINESS BANKRUPTCY PROCESS?
The first thing that needs to be done to determine if business bankruptcy is your best solution is to schedule an appointment with one of our attorneys. At that meeting you will need to know the amount of your debts, the value of your business assets, your current monthly profit or loss, and be able to discuss the viability of your business going forward. We need to understand your plan for your business going forward. At that point we can discuss your nonbankruptcy options, business chapter 7 bankruptcy, business chapter 11 bankruptcy, and business chapter 13 options. Each has benefits depending on what your objectives are for your business going forward.
2. CAN I OPERATE MY BUSINESS DURING BANKRUPTCY?
It depends on what your plan is going forward and your cash flow. In a chapter 11 bankruptcy the business continues to run while the bankruptcy proceeds. In a chapter 7 bankruptcy, typically the business closes. In a business chapter 13, a business can continue to be operated during the bankruptcy.
3. HOW DO I PAY FOR A LAWYER?
You can use current assets of the business to pay for a business bankruptcy. If necessary, assets of the business or inventory can be sold for attorney fees.
4. WHAT SHOULD I DO IF A CREDITOR CONTACTS ME?
Tell them that you are working on a plan to get them paid. Do not tell them that you are planning on filing for bankruptcy until you have consulted with an attorney.
5. WHAT CREDITORS SHOULD BE LISTED, WHAT IF I FORGET A CREDITOR?
Under the bankruptcy code, you must make your best efforts to determine your creditors. All of your creditors should be listed. If you are unable to determine all of your creditors, we strongly suggest that you obtain a credit report from either TRW or Merchant Service Bureau (616-940-7100) Additionally, you may be able to obtain your credit report on the Internet at www.annualcreditreport.com.In the event that you forget a creditor we can add a creditor until your case is discharged. There is a fee of $100.00 for each additional amendment to your creditor list. After your case is discharged you may add a creditor provided that they were unknown at the time of your filing. At that point, they will be treated as discharged. This is done by filing a motion to reopen your bankruptcy case which can be done at any time for an additional fee. You should contact your attorney immediately upon the discovery of an additional creditor.
6. CAN I PAY MY CURRENT SUPPLIERS?
- Prior to paying supplies you should meet with an attorney to determine necessary vendors and which vendors will be unnecessary in the future. The plan of reorganization my involve repaying necessary vendors that you will do business with in the future.
7. WHAT DEBTS ARE NONDISCHARGEABLE UNDER CHAPTER 7?
- Generally, all debts are dischargeable under Chapter 7 including some tax obligations
8. DO I HAVE TO FILE PERSONAL BANKRUPTCY IF MY BUSINESS FILES FOR BANKRUPTCY?
It depends on the extent that you have personally guaranteed the business debt and the current cash flow of the business.
9. WHAT IF I HAVE FURTHER QUESTIONS?
In the event that you have further questions, please contact our office and we will be more than happy to answer them for you.
If your business is facing financial problems, a good business bankruptcy attorney is not optional, it is a requirement! Our business bankruptcy attorneys can answer your questions with straight talk. Having the right business bankruptcy attorney on your side can relieve your stress during difficult financial times. Our bankruptcy attorneys have over 85 years of bankruptcy experience. We can provide you with excellent bankruptcy representation.
Krupp Law Offices P.C. is located in downtown Grand Rapids, Michigan and has the right bankruptcy attorney for you. We represent clients in all bankruptcy matters throughout West Michigan, including the cities of Grand Rapids, Holland, and Grand Haven, and the counties of Kent, Ottawa, Allegan, Barry, Newaygo, Montcalm, Muskegon, and Ionia.
Call for a free phone consultation. Our office can help.
161 Ottawa NW Suite 404
Grand Rapids MI 49503
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