Oklahoma Business Bankruptcy Lawyers - Commercial Bankruptcy

Call Now For a
Free Case Review 877-491-8818
or dial 1-405-456-6963
You are here: HomeCommercial Bankruptcy
join our mailing list
* indicates required

Oklahoma Commercial Bankruptcy Overview

When the economy turns downward, especially when that downturn is historically precipitous, businesses of all sizes suffer. When credit markets disappear, cash becomes scarce and companies tighten their budgets, it always leads to serious problems for businesses in just about every market. Given the reality that the American business world is facing, many entities find themselves with seemingly nowhere to turn.

However, there are options for businesses, and one of them is the commercial bankruptcy route. Below you’ll find information regarding the different types of commercial bankruptcy filings, the process that goes into the choice that a business would make between these commercial bankruptcy options, the benefits of filing for commercial bankruptcy protection and finally how you should proceed if your company needs help putting an end to these financial problems.


Commercial Bankruptcy Options for Oklahoma Business

When a business is behind with their creditors and it’s clear that it will not be able to catch up to the delinquencies, the next step can be bankruptcy court either because the business decides to file for protection or because the business is sued into bankruptcy by its creditors. Regardless of how the initial step is taken, the business has two options for commercial bankruptcy pathways:


  • Chapter 7 – Even though Chapter 7 filings are typically known as individual bankruptcy cases, businesses can also pursue protection under this chapter of the United States Bankruptcy Code. The process is essentially the same, in that the business must liquidate its assets in order to satisfy creditors as much as possible. Relatively speaking, Chapter 7 cases are simpler than the option that will be presented below and tend to move to completion more quickly.
  • Chapter 11 – A filing for commercial bankruptcy protection under Chapter 11 of the Bankruptcy Code is by far the more well-known type of filing for businesses, and there are many reasons for this prevalence. First, a Chapter 11 filing can allow a business to continue to run – with a degree of oversight – while the case proceeds. Secondly, the business can eventually continue on after the case is complete, which is commonly known as ‘emerging from bankruptcy.’
 

FREE Case Review






* indicates a required field

Our attorneys will evaluate your situation for FREE with no obligation. Pick up the phone and call us at (877) 491-8818 today.



follow Atkins & Markoff on Twitter facebook-fan Atkins & Markoff on YouTube


Should my Business File Chapter 7?

Chapter 7 is a Complete Liquidation of a Business, Where as Chapter 11 is a Reorganization and Repayment. Your Business May Want to Consider Ch. 7 Bankruptcy if These Apply:

  • Creditors Are Out of Control
  • You No Longer Wish to Operate Your Business
  • Your Business Taxes Are Sizable and Overdue
  • Your Business Has Assets to Pay Creditors
  • You Would Rather a Court Trustee Distribute Assets
super_lawyers_footer 


Oklahoma City Bankruptcy Attorneys

Steps to Filing Business Bankruptcy

If Your Oklahoma Company is Facing Financial Devastation, Taking These Steps Can Save You and Your Business

  • Consult an Experienced Oklahoma Bankruptcy Lawyer
  • Decide of Ch. 7 or Ch. 11 is right for Your Business
  • Divulge all Financials and Receive an Automatic Stay
  • Meet With Creditors
  • Develop a Plan of Repayment or Reorganization
  • Liquidate Assets Under Ch.7 or Begin Reorganization under Ch.11

  • Hire a Commercial Bankruptcy Lawyer

  • Decide Which Chapter

  • Benefits of Commercial Bankruptcy

  • Hiring an Oklahoma Commercial Bankruptcy Lawyer

    If your business is struggling financially to the point that you’re wondering how you’ll ever work through this situation, you need to take a step back and allow an experienced professional to analyze your situation objectively and help you decide on a course of action. Contact the Oklahoma City bankruptcy attorneys at the law firm of Atkins & Markoff today to schedule an initial consultation so you can take that first step towards financial stability.

  • Oklahoma Bankruptcy Lawyers Help Make the Decision

    When you meet with an Oklahoma City bankruptcy lawyer, the first step that needs to be taken is to closely scrutinize the business’ finances. There could be no more crucial a decision that’s ever made regarding the ultimate survival of the business than how you proceed in this situation, so you owe it to yourself to leave no stone unturned. This is a thorough process but one that must be done before moving forward, as a mistake can lead to serious problems for the viability of your business.

    When this process is complete, it’s time to make a decision regarding which type of commercial bankruptcy filing would be best for your company. While no two financial situations are ever exactly alike, there are some basic tenets that tend to be quite relevant regarding the decision on which chapter to use for protection, and these variables include:

    • Cash flow
    • Cash reserves
    • Executory contracts
    • Accounts receivable
    • Accounts payable
    • Overhead
    • Long-term debt
    • Unencumbered assets

    Of course, there are many more, but this is generally where such a process begins. Generally, if a business has a positive cash flow and is generating regular revenue, moving towards a Chapter 11 filing could be the proper choice. However, if there is little cash flow and the assets are of little value, it may make the most sense to move towards a Chapter 7 filing.

  • Benefits of Commercial Bankruptcy

    When a company files for bankruptcy protection, it puts an immediate end to the collection efforts by creditors that can not only drag down the morale of those involved with this function, but it can also provide the business with an opportunity to take a step back, get the finances under control and continue to operate such that there is a light at the end of the tunnel.

    Starting with a clean financial slate can be just as beneficial to a business as it can be to an individual, as it allows for those debts that continue to mount to ultimately be wiped off the books. Additionally, working through this process can bring about a period of stability that has surely been lacking if a business finds itself in this situation to begin with.

Developed by JoomVision.com