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If you are considering filing for business bankruptcy or commercial bankruptcy and you live in the Reno area, please be aware that the rules vary from state to state. You are much better off hiring an experienced and honest attorney you know you can trust. We are the only resource that screens our attorneys before referring them to you. Please consider calling one of these ethical attorneys for a consultation.

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Commercial Bankruptcy Reno - Commercial Bankruptcy Means Filing for Chapter 11 Protection

Posted on May 08, 2007 on www.articlebase.com

Whether you have been in business for a long time and are now facing new and very strong competition from a chain, or you are operating a new venture that just has not gotten off the ground, when the enterprise begins to experience serious business debt problems, you will probably consider bankruptcy. The United States commercial bankruptcy statutes are in place and Chapter 11 proceedings are specifically aimed to aid persons who are trying to pay their business debt, but are unsuccessfully struggling to do so. But Commercial Bankruptcy may not be the answer you are looking for.

It may be that the business debt help you receive from a business debt management consultant may be a better route to meeting the financial obligations and getting the venture back on track. A reorganization of the venture's finances such as businesses debt consolidation or a business debt settlement may provide the real relief that is needed without petitioning for formal Chapter 11 business bankruptcy protection.

With this in mind, it is required that a person seeking chapter 11 Commercial Bankruptcy prior to filing and a business management plan is developed to file in addition to the petition. There are two forms of bankruptcy protection offered. Chapter 13 is incorporated for individuals who have a debt limit of $175,000 but it can be and often is extended to individuals who operate a small business.

But the most widely used Commercial Bankruptcy tool that is designed to give business debt help is the chapter 11 business bankruptcy plan. There is a $1000 fee for filing a chapter 11 business bankruptcy, and the debt management plan must be filed with it. It is a misconception that Chapter 11 discharges business debt; on the contrary, the assets of the business are placed under the guidance of a conservator who will use the business assets to repay the financial obligations over a specified period of time, usually 3 years, if possible.

 

 

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AttorneyGuide.com helps you find a Reno attorney you can click with. AttorneyGuide.com allows you to find a Reno Lawyer in the exact field and region you specify. You can review the qualifications and credentials of Reno lawyers and once you have found the Reno attorney that best fits your needs you can contact them directly from our website. In addition, there may be other Nevada attorneys and lawyers listed on our website from the smaller cities in Northern Nevada outside of the City of Reno, including lawyers and attorneys from Carson City, Nevada; Sparks, Nevada; Elko, Nevada; Ely, Nevada; Minden, Nevada; Gardnerville, Nevada; Battle Mountain, Nevada; Fallon, Nevada and others.