Little Rock Bankruptcy Lawyer
Commercial Bankruptcy: Debt Relief for Arkansas Businesses
As a business owner, you should consider bankruptcy a viable option when you are no longer able to pay your debts. At Rainwater, Holt & Sexton, our Arkansas bankruptcy attorneys can help you decide if bankruptcy is the right choice for your business. We’re here to help you determine which chapter best meets your company’s needs. Typically, incorporated businesses file Chapter 7 or Chapter 11, while unincorporated businesses file Chapter 7 or Chapter 13.
Give our Arkansas bankruptcy lawyers a call at (800) 434–4800, we’ll help you protect your property and take care of your debts. When you’re uncertain about your business’s financial future, we’ll help you weather the storm.
Chapter 7
Chapter 7 bankruptcy can be filed by both consumers and business owners. As the owner of an incorporated or unincorporated business, you must first file for a petition. Once the petition has been filed, the “automatic stay” immediately becomes effective and stops collection attempts against your business. Upon notification that your business has filed Chapter 7 bankruptcy, your creditors will be asked to notify the bankruptcy court regarding the solution they seek for the debt you owe them. Similar to consumer bankruptcy, a trustee will be appointed to oversee your business and property. Any non-exempt property will be sold by the trustee to pay your creditors.
Chapter 11
Chapter 11 is most often filed by incorporated businesses in financial distress—filing Chapter 11 allows the corporation to protect its property and continue its business operations. Although Chapter 11 bankruptcy begins with a petition and an automatic stay, typically a trustee is not needed to oversee the process.
With an experienced Arkansas bankruptcy lawyer, you will need to file a plan of reorganization for your business that prioritizes the repayment of your company’s debts. Once your plan is constructed, you will need to have the bankruptcy court approve it. The approval process may involve negotiations, which your lawyer can help you with. After your plan has been approved and you’ve met all the requirements in the plan, your company will receive its discharge and you may continue your business under its approved reorganization. However, if the plan is not approved, your case can be converted to Chapter 7 or dismissed, leaving your company liable for all its debts.
Chapter 13
With Chapter 13, you have the opportunity to reorganize a repayment plan for your business’s debts. With the help of an Arkansas debt relief lawyer, you can propose a three to five-year plan that prioritizes the payment of your debts. If approved by the court, a trustee will be appointed to receive monthly payments from you to pay your creditors and make sure you follow the terms laid out in your company’s plan.
*We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
*The No Fee Guarantee® does not apply to bankruptcy cases.
Locations
Little Rock Office
6315 Ranch Drive
Little Rock, AR 72223
(800) 434-4800
Rogers Office
3300 Market Street
Suite 118
Rogers, AR 72758
(800) 434-4800
Conway Office
1355 Dave Ward Drive
Suite 105
Conway, AR 72034
(800) 434-4800
Hot Springs Office
3948 Central Avenue Suite D
Hot Springs, AR 71913
(800) 434-4800
Free Initial Consultation
We’ve got Arkansas covered. With four offices in Arkansas—Little Rock, Rogers, Conway, and Hot Springs—our Arkansas bankruptcy lawyers are easily accessible when you need help. If you need help filing bankruptcy, contact an Arkansas debt relief lawyer at Rainwater, Holt & Sexton Bankruptcy Lawyers. Fill out a free contact request form, which only takes a minute, or simply dial (800) 434-4800 and tell us about your story.
