#1 BUSINESS BANKRUPTCY LAW FIRM
If your business is struggling, choose Morristown business bankruptcy services NJ law firm, The Law Offices of William Pegg. Our business bankruptcy attorney can help you with your unique case. We offer debt settlement in Morris County and will help your business in whatever way it needs.
If your business is struggling with debt that it cannot pay, the Law Offices of William Pegg of New Jersey can help. With more than 45 years of experience, dozens of awards, and tens of thousands of cases won, attorney William Pegg provides the bankruptcy services that businesses in northern New Jersey need. We offer 3 main types of bankruptcy services for business – read below to learn about them all.
TOP BUSINESS BANKRUPTCY ATTORNEY IN NEW JERSEY
Chapter 7 Protection for Businesses
Under the federal bankruptcy code, both individuals and businesses (such as corporations, LLCs and partnerships) may file for Chapter 7 protection, which, for businesses, typically means that they will cease to exist and stop all of their operations. Under Chapter 7, all business assets are transferred to a bankruptcy estate, which is then managed by a trustee. The trustee is then tasked with liquidating all business assets in an effort to pay off all of the business’ creditors (or at least pay them off as much as possible).
While a Chapter 7 filing can technically be made without assistance from an attorney, it’s always recommended to first talk to a business bankruptcy lawyer before making any such filing. Business owners may have some personal liabilities in certain cases, and these costs can sometimes skyrocket without expert assistance. The Law Offices of William Pegg knows the ins and outs of Chapter 7 business bankruptcy filings, and it is always available for a free consultation to discuss in detail how Chapter 7 may affect you and your business.
OUR BUSINESS BANKRUPTCY LAW FIRM CAN HELP!
Chapter 11 Protection for Businesses
Unlike Chapter 7, Chapter 11 allows businesses to reorganize their debts and then continue operating. In these cases, the business maintains control of all of its assets, so there is no bankruptcy estate or trustee. The business will work with all of its creditors to restructure its debt. This only works if the business continues its operations, as the goal is for revenue to resume for future debt payments.
Chapter 11 filings require significant negotiations with creditors, and they also require eventual court and creditor approval of a reorganization plan. These reorganization plans are typically very detailed and heavily negotiated by all parties, meaning skill and prior experience are key to ensuring the business gets the protections it deserves. Plus, businesses receiving Chapter 11 protection must file monthly operating reports and manage many other complicated aspects of these court cases, such as responding to court motions, dealing with adversary proceedings, and managing creditors.
The Law Offices of William Pegg will be there with you and your business every step of the way. Attorney William Pegg has over 45 years of experience, so he truly understands what businesses need and how to ensure that they get it. Skilled business negotiators like William Pegg can make it more likely that a business’ plan of reorganization is approved and implemented. The Law Offices of William Pegg will offer a free consultation to any business considering whether Chapter 11 protection is right for it.
Chapter 13 Protection For People That Own A Business
Chapter 13 protection is similar in a lot of ways to Chapter 11, but with respect to business bankruptcy, it is reserved for the self-employed. Like Chapter 11 protection, Chapter 13 lets a self-employed individual reorganize his or her business debts and then continue operating the business. This is most common for sole proprietors experiencing significant debt issues but that might have a plan to continue operating once those debt issues are resolved.
The Law Offices of William Pegg has more than 45 years of experience in helping sole proprietors navigate the Chapter 13 process. Like all forms of bankruptcy protection, Chapter 13 bankruptcy filings can be very complicated and require serious business negotiations. Trained bankruptcy lawyers should be retained before formally seeking Chapter 13 protection. Contact the Law Offices of William Pegg today for a free consultation and to learn more about your bankruptcy options.
Choose Our Law Firm For Business Bankruptcy Services In NJ!
If you live in New Jersey and need the help of a business bankruptcy law firm, choose the Law Offices of William Pegg! Our skilled Morristown bankruptcy attorney can assist your business and help you with your financial woes.