BUSINESS BANKRUPTCIES & INSOLVENCYBook an appointment
We Provide Commercial Bankruptcy Representation in New Jersey and New York
At the Law Offices of Scott J. Goldstein LLC, our commercial bankruptcy lawyer is an experienced, solutions-focused advocate for business owners and entrepreneurs. With a commitment to providing personalized legal guidance and support to each and every client, we are prepared to help you find the best solution to your company’s debt issues—whether that means filing for Chapter 7 bankruptcy protection, Chapter 11 bankruptcy protection, or working out a settlement agreement.
We handle business bankruptcies in New Jersey and business bankruptcies in New York. Our legal team has the legal and financial skills to work with all types of businesses, including corporations, partnerships, LLCs, and sole proprietorships. If you have any questions about bankruptcy or insolvency proceedings, we can help. To schedule a fully confidential consultation with an experienced commercial bankruptcy attorney, please do not hesitate to contact us today.
An Overview of Our Business Bankruptcy Practice
Business Liquidations (Chapter 7 Bankruptcy)
Also referred to simply as a liquidation bankruptcy, the Chapter 7 bankruptcy process is available to both individuals and businesses. Chapter 7 business bankruptcy may be the best option for an insolvent company that is preparing to wind down its operations. With a Chapter 7 business bankruptcy filing, the company will be liquidated—its remaining assets will go towards resolving the outstanding claims of the remaining creditors. To be clear, this means that the company will be permanently closed at the end of the Chapter 7 bankruptcy process.
While filing for Chapter 7 bankruptcy for a business is never an easy thing to do, the reality is that it may be the right path forward in certain circumstances. It allows for the orderly closure of a financially distressed commercial entity. A properly handled Chapter 7 business bankruptcy filing will also ensure that your personal assets are effectively protected against any potential creditor claims. If you have any questions about business liquidation, contact our New Jersey & New York Chapter 7 business bankruptcy attorney for help.
Business Reorganizations (Chapter 11 Bankruptcy)
There are many good businesses in New Jersey or New York that go through periods of significant financial hardship. Chapter 11 business bankruptcy allows these companies to reorganize and restructure their debts so that they can come out the other side of the process in a stronger, healthier, and sustainable financial position. Among other things, a successful Chapter 11 bankruptcy petition allows a business to restructure (reduce or eliminate) overly burdensome debts and re-work unfavorable contracts.
Chapter 11 business bankruptcy is a notoriously complicated process. For a number of different reasons, you may run into some challenges from creditors when filing to reorganize a business through Chapter 11. You need to know your rights and your responsibilities as you take your business through the process. It is imperative that you have a skilled and experienced commercial bankruptcy lawyer by your side. To learn more about business reorganizations through the bankruptcy process, please do not hesitate to contact our Chapter 11 bankruptcy attorney for help.
State Liquidation Proceedings
Under U.S. law, bankruptcy cases are filed in federal court. Whether your company is filing for Chapter 7 bankruptcy protection or Chapter 11 bankruptcy protection, the case will go through a federal court in your state. However, there are also alternative matters known as state liquidation proceedings. In some circumstances, a state court liquidation proceeding may actually provide a more efficient, cost effective solution than a traditional business bankruptcy filing.
Whether a state liquidation proceeding makes sense in your case will depend on a wide array of different factors. It could be more advantageous for your financially distressed company to file for bankruptcy protection in federal court. As an experienced commercial bankruptcy lawyer, our principal attorney Scott J. Goldstein, ESQ is ready to review your case and help you understand your options. If you have any questions about state liquidation proceedings in New Jersey or state liquidation proceedings in New York, we can help.
Assignment for the Benefit of Creditors
An Assignment for the Benefit of Creditors (ABC) is a state-court action through which a business is closed down and its remaining property and assets are dealt with in a manner designed to maximize the financial returns for the affected creditors. Put another way, an Assignment for the Benefit of Creditors is a commercial liquidation device.
An ABC can sometimes be an effective tool to liquidate and wind down a financially challenged business. In some circumstances, an Assignment for the Benefit of Creditors provides legal liability protection to a company’s principals. For more information about assignments for the benefit of creditors, contact our commercial bankruptcy and business insolvency lawyer today.
Debt Workout Negotiations
A Chapter 7 liquidation bankruptcy filing or a Chapter 11 reorganization bankruptcy filing may be the best available option for you and your company. That being said, not all financially distressed and potentially insolvent businesses need to file for bankruptcy. On the contrary, your business may be better off working out a voluntary agreement with creditors. A debt workout is effectively a settlement agreement whereby a financial obligation (debt) is restructured in a manner that allows a business to continue (or resume) making payments.
A debt workout is a non-bankruptcy alternative that should always be considered. Whether a debt settlement is possible for your business depends on many different factors—including the extent of your debt, the financial position of your company, and the willingness of creditors to cooperate. At the Law Offices of Scott J. Goldstein LLC, we have the professional skills to represent commercial clients in debt workout negotiations. To get help with a debt workout, contact our business insolvency attorney today.
How Business Bankruptcy Attorney Scott J. Goldstein Can Help
For businesses and entrepreneurs, debt resolution is complicated. You need a skilled advocate on your side. Our founding attorney Scott J. Goldstein, ESQ. has nearly two decades of experience practicing bankruptcy law in New Jersey and New York. When you reach out to our law firm, you will have an opportunity to consult with a commercial bankruptcy attorney who is prepared to:
- Conduct a comprehensive and confidential review of your case;
- Answer questions about the business bankruptcy/insolvency process;
- Evaluate and explain all of your company’s options for resolving debt problems;
- Help you gather, organize, and prepare relevant financial documentation;
- Handle bankruptcy paperwork and/or debt relief negotiations; and
- Take whatever steps are needed to protect your financial interests.
We provide a big firm experience with small firm attention. Our legal team puts time, resources, and attention to detail into every case that we take on. With a history of client reviews/testimonials and proven record of results in complex bankruptcy & insolvency, you can trust on our business bankruptcy attorney for top quality legal representation in New Jersey and New York.
Contact Our Business Bankruptcy & Business Insolvency Lawyer Today
At the Law Offices of Scott J. Goldstein LLC, our New York & New Jersey commercial bankruptcy attorney has the professional skills and specialized legal knowledge that you can rely on. If you have any specific questions about Chapter 7 business bankruptcy, Chapter 11 business bankruptcy, debt workouts, or any related matter, we are more than ready to help.
Give us a call today or connect with us to schedule your strictly confidential initial appointment with an attorney. We provide solutions-oriented business bankruptcy representation throughout the region in New Jersey and New York.