Idaho Business Bankruptcy Attorneys Employ Sound Commercial Strategies
Protecting business owners in Boise and beyond
If your business is suffering from financial difficulties, it can be a very stressful time. But an attorney with good commercial awareness can help you steer your business through the choppy waters and provide sound advice on reducing your liability. The Boise business bankruptcy lawyers at Martelle & Associates, P.A. have extensive knowledge and experience guiding businesses through different forms of bankruptcies.
Understanding the basics of business bankruptcy
Businesses have special needs when they are experiencing financial problems. They may be able to reorganize in a Chapter 11 or Chapter 13 business bankruptcy. Alternatively, businesses may need to shut the doors and liquidate in Chapter 7 business bankruptcy.
It is essential that you engage an experienced bankruptcy attorney in Boise, Idaho to properly analyze your options and ensure that you make the best decision regarding whether to file business bankruptcy or explore an alternative. We would be happy to discuss all your options with you.
Closing the door with a Chapter 7 business bankruptcy
If a company with financial problems is beyond saving, a Chapter 7 business bankruptcy allows the owners to shut it down. This process stops lawsuits and most creditors’ collection attempts. However, business owners must be careful, as they may still be responsible for some of the company’s obligations. A competent business bankruptcy attorney should carefully analyze your situation to determine the details in your case.
Get a fresh start with a Chapter 11 business bankruptcy
Chapter 11 business bankruptcy is a reorganization for companies with financial problems. It provides relief from collection efforts by creditors and allows business owners to continue their operations and propose a payment plan for all or part of the company’s obligations over a period of time.
During a Chapter 11 proceeding, your bankruptcy attorney proposes a plan of reorganization that may include altering the terms of your financial obligations. It may also allow you to catch up on payments past due on secured debts, such as mortgages and liens against equipment. In addition, a company may be able to pay only a portion of its obligations and discharge the balance in the Chapter 11 bankruptcy.
Chapter 11 bankruptcy proceedings are complicated and require a significant amount of paperwork. A company choosing this route is required to report monthly on its financial affairs. At Martelle & Associates, P.A., we can help you decide if Chapter 11 bankruptcy is the right choice for you and handle the paperwork on your behalf.
Chapter 13 business bankruptcy
A business operated as a sole proprietorship, rather than as a corporation or LLC, may qualify for a Chapter 13 bankruptcy, which stops debt collection and offers a new repayment plan. The repayment plan may allow a business to pay only a portion of its debt, often only a small percentage. To qualify for Chapter 13, your business must not owe more than $360,475 in unsecured debt and $1,084,000 in secured debt.
Chapter 13 is much less complicated and expensive than Chapter 11, and the reporting process is simpler. We represent clients in business Chapter 13 matters throughout the state of Idaho
Consult with an experienced business BANKRUPTCY LAWYER IN BOISE
If you need an accomplished bankruptcy lawyer to steer you through the process of business bankruptcy, call Martelle & Associates, P.A. at 208-938-8500. Our professional bankruptcy attorneys can plan an effective strategy for resolving your financial problems at our downtown Boise or Eagle office. We serve clients throughout the state of Idaho, including Boise, Eagle, Idaho Falls, Pocatello, North Idaho, Twin Falls, Meridian, Nampa and Caldwell, as well as Malheur County, Oregon.