Business Or Corporate Bankruptcy

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We are Kansas City bankruptcy lawyers.  

At Phillips & Thomas LLC, we have a great deal of experience in business and corporate bankruptcy cases. Many attorneys claim to handle bankruptcy cases, but few have the real-world experience and training needed to handle complex business cases. This is one of the things that separates us from other firms practicing in this area.

Chapter 7 Business Liquidation

In this type of bankruptcy, a business is dissolved or “wound up”. When you no longer want to run a business, you never want to simply “walk away” and leave things hanging out there. Filing a Chapter 7 case for a business can be an efficient, streamlined, and cost-effective way of dealing with your business problems.

We can help guide you through the decision on what to do when you no longer want to continue a business.

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People file Chapter 7 cases for their businesses for a variety of reasons: to relieve themselves of having to sell items they don’t want to deal with any more, to have someone else handle the shutting down and winding up of a business, to notify the state and federal agencies that their business has been closed, or to get access to locked or secured premises to retrieve things that may have been taken by creditors.

Business owners very often like the idea of knowing that a Trustee is doing the “heavy lifting” on a lot of these things for you.

Chapter 11 Reorganization

In this type of bankruptcy, a company (or individual persons) can reorganize and propose a plan to treat its various debts.

It gives a business (or the individual) the power to break out of exisiting leases or contracts, to wipe out debts, to reduce or eliminate its tax debts, to restructure business loans or mortgages, and to provide a much-needed “breathing space” to give the business time and opportunity to recover.

We have also represented many professionals and professsional corporations in Chapter 11 bankruptcy, including dentists, doctors, therapists, and attorneys.  Professionals have particular requirements, and we are proud to have the highly-focused knowledge of this area of the law that allows our clients to come back strong from financial setbacks.

It is especially important to arrange a consultation at the earliest stages of debt problems. Waiting too long can narrow your options. Very often, we can deal with the problems affecting your business and get your business back on track.

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We have handled bankruptcy cases for nearly all types of businesses: “dba” (doing business as) businesses, LLCs, LLPs, S Corporations, C Corporations, and professional partnerships.

We have extensive experience in business valuations, employee issues, employer issues, and the ethical requirements that come from handling bankruptcies for professional corporations.

We are also experienced in dealing with special requirements that may arise with perishable inventories, stock, equipment, and specialized machinery or supplies.

We have represented businesses in bankruptcy reorganizations in the following fields:

•    All Types of Retail
•    Construction and Contractors
•    Real Estate Agents and Businesses
•    Restaurants
•    Printers and Publishers
•    Gyms and Health Clubs
•    Health Food Suppliers and Facilities
•    Chemical and Coating Industries
•    Commodity Producers
•    Limousine Services
•    Law Firms
•    Dental Firms
•    Medical Firms
•    Trucking and Over-the-Road Truck Drivers
•    Freight Brokers
•    Shipping and Receiving Companies
•    Internet Businesses
•    Apartment Complexes/Landlords
•    Insurance
•    Beauty Salons
•    Manufacturing
•    Tanning Salons
•    Electrical Goods and Supplies
•    Convenience Stores and Gas Stations
•    Motels and Hotels
•    Money Order Companies
•    Commodities Brokers

As a small business ourselves, we at Phillips & Thomas LLC know how important your business is to you. We understand that a business is not just a financial matter, but is really a part of your life. You pour your heart, soul, and pride into your business, and we understand that it is an extension of yourself.

We want to assist you in crafting solutions to your business problems, and help you and your business get the fresh start it deserves.  If you are experiencing difficulties and need a fresh perspective, please contact us.

On our home page, on the legal articles archive, we have a very detailed series of articles on Chapter 7, Chapter 11, and Chapter 13 bankruptcy.

Let us know how we can help.