Arkansas 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, while unincorporated businesses file Chapter 7 or Chapter 13.
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.
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.