When an individual faces serious financial struggles, he or she may turn to bankruptcy to help discharge some unsecured debts and eventually regain monetary freedom. The same applies to companies and businesses, who may find it difficult to repay creditors if the business begins to suffer. Whether the company is a large corporation or a small, independent business, serious financial problems may arise, and the owners and managers of the company may be forced to take drastic action to repay their debts.
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When a small business is forced to file for bankruptcy, the owners are usually the only ones impacted by the filing. The company may be forced to liquidate it's assets to repay it's lenders, and the owner may eventually see proceeds if anything is left. Since the corporate structure of small businesses are often pretty small and condensed, the number of owners, managers, and employees who are affected by a bankruptcy filing is relatively small compared to those of large corporations.
If a company of significant size is forced to file bankruptcy, many people may feel the effects of the action. If a company is publicly traded, there are often shareholders and other types of investors to take into consideration. If a company chooses to file bankruptcy and undergo corporate restructuring, the shareholders may not see dividends or interest payments during the bankruptcy process. In addition, people may be asked to trade in their old stocks for shares of the restructured company.
If the company decides to liquidate its assets completely, creditors are usually the first to be paid. In certain cases, the stockholders may not see any return on their investment in the company and may discover that their stocks are worthless. In such cases, the individual may be able to report the worthless stocks as lost income on their next tax return.
Whether you are an individual facing serious financial trouble or a business owner looking to relieve the burdens of your debts, bankruptcy may be able to help you discharge harmful debts and regain financial freedom. If you are considering filing for bankruptcy, it is important to consult an experienced bankruptcy attorney to discuss your legal options. Bankruptcy attorneys are typically experienced with both commercial and personal bankruptcy proceedings and can help give you valuable advice in your time of crisis.
For more information on commercial or personal bankruptcy, visit the website of the Boston bankruptcy lawyers of Joshua Spirn & Associates.
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