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Business Bankruptcy in Tulsa, Ok

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Business Bankruptcy

Failing businesses are not uncommon in a typical business environment; however, business failures may be even more common because of our country's current economic state. At Hanson & Hanson Law Firm, we want to assist you in every way that we can. If your business faces complex financial challenges, we want to help you file for bankruptcy or restructure your debts.

Chapter 7: liquation

If you have decided that your business has no future and that debt reorganization is not very doable, then filing for Chapter 7 bankruptcy may be the best way to liquidate remaining business assets to repay the creditors as much as possible and wind down the business. There is no discharge in a business Chapter 7 but it does help the business close. If you have personally guaranteed business debts you may need a personal Chapter 7.

Chapter 11: Business reorganization

If you still feel that your business can succeed, but the debts your business is incurring are too much to pay at the current moment in time, then you could consider filing for Chapter 11 bankruptcy.

This type of bankruptcy would reorganize your debts. This often consolidates your debts from many creditors into a single payment that would be affordable for you to pay off in your current state.

This would allow you to keep assets that are critical to keeping your business going. For example, you would not necessarily lose the office space that you are renting for your business. However, you would need to consider giving up some assets to lower your debts.

You would not be able to add any more debt to your business after Chapter 11 is filed.

We would encourage you to talk to a Tulsa bankruptcy attorney before deciding the best decision for your business. They will help better understand if your business is in a position to file for bankruptcy or not and, if so, what type of bankruptcy your business should consider filing.

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