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Irvine Bankruptcy Lawyer / Family Business Bankruptcy

Running a family business is both a rewarding and challenging venture. The highs and lows are experienced collectively, which makes the decision to file for bankruptcy incredibly complex emotionally, financially, and even morally. If your family business is facing financial hardship, you are not alone. The Law Office of Charles A. May is here to guide you through this challenging process. Our primary aim is to help you make educated decisions that safeguard both your business and your family’s future. For help managing challenging debt issues in Orange County, Los Angeles and all of Southern California, call The Law Office of Charles A. May for a free consultation with a dedicated lawyer.

Why Family Businesses Consider Bankruptcy

Debt accumulation can happen for a multitude of reasons—economic downturns, poor financial management, or unanticipated business interruptions. Even robust family businesses can find themselves in financial distress. Bankruptcy is a legal tool designed to provide a fresh start by discharging debts or restructuring them into manageable payment plans. It is not an end, but rather a new beginning for your family enterprise.

Chapter 11 vs. Chapter 13 Bankruptcy: Which One Is Right for You?

In California, family businesses typically have two types of bankruptcy options: Chapter 11 and Chapter 13.

Chapter 11 Bankruptcy

  • Who it is for: Larger family businesses with significant assets and debts.
  • How it Works: Allows for a reorganization of business debts and assets while continuing operations.
  • Pros and Cons: More complex but offers greater flexibility in terms of asset protection and restructuring.

Chapter 13 Bankruptcy

  • Who it is for: Smaller family businesses run as sole proprietorships.
  • How it Works: Consolidates debts into a repayment plan over three or five years.
  • Pros and Cons: Simpler than Chapter 11, but less flexibility and limitations on the amount of debt.

Chapter 7 is also an option for family businesses that decide they can no longer continue operations. Chapter 7 offers an orderly process for winding up, selling assets and inventory to pay creditors, and exiting without exposure to any lingering liability.

Legal Support for Your Family Business Bankruptcy

When you consult with The Law Office of Charles A. May, we take time to understand your unique circumstances. Based on a comprehensive analysis, we recommend the most appropriate type of bankruptcy and outline a customized plan to achieve debt relief while protecting critical assets.

At The Law Office of Charles A. May in Irvine, you can expect the following services for your family business:

  1. Consultation and Financial Assessment: Thoroughly reviewing all financial records to assess your situation.
  2. Bankruptcy Eligibility: Determining whether bankruptcy is the most effective way to address your financial troubles.
  3. Debt Restructuring Plans: Developing tailored plans that align with your business goals.
  4. Legal Filing and Representation: Guiding you through every step, from paperwork to court appearances.
  5. Post-Bankruptcy Guidance: Offering advice for financial recovery and future planning.

Take the First Step: Call The Law Office of Charles A. May for Help With Small Business Bankruptcy

Filing for bankruptcy is a difficult decision, but it does not have to be a lonely journey, and it is not something you should attempt without professional legal help. The Law Office of Charles A. May is dedicated to offering compassionate and competent legal guidance throughout this difficult period. We assist family businesses in taking that critical step toward financial liberation and a fresh start. If your family business is facing financial difficulties, do not hesitate to reach out for a free consultation regarding your options. We are committed to helping you turn the page on this challenging chapter in your life.

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