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 bankruptcy cases.  Many bankruptcy attorneys and firms do not handle business bankruptcy cases at all or they only handle simple business bankruptcy cases.  This means few attorneys have the real-world experience and training needed to handle complex business cases.  A significant portion of our practice is devoted to these complex business cases.  This is one of the things that separates us from other firms practicing in this area.

We represent businesses who wish to file bankruptcy under Chapter 7 and Chapter 11 of the US Bankruptcy Code. We also represent creditors seeking guidance and legal assistance in this area. Filing a bankruptcy case is a very powerful tool, and can be used to solve a wide variety of problems.

This is a complex area of law and it is critical to have an attorney represent you who has extensive litigation experience in this field. Additionally, we know that people facing this situation are very concerned, upset, and often embarrassed. Thus, they are looking for an attorney who will do everything he can to make the process as comfortable and as easy as possible. The most common comment we have after meeting with a bankruptcy client is that it was one of the hardest calls that the client had to make in his or her life. But after meeting us and exploring options, they feel a huge sense of relief and comfort from learning that they have options. People also usually tell us that they wish they had called us much earlier.

So we understand that sometimes it can be hard to take the first step, but experience has proven that you will feel much, much better once you do. If you chose to set an appointment with us, you will meet with an attorney who has a minimum of 18 years experience in bankruptcy and debt issues who has met with thousands of people just like you. The meeting is very informal and friendly. We are a sympathetic ear. We are not here to scold you or comment on things you could have done differently in the past. We are here only to make your life better going forward, and we take great pride in that.

At the first consultation, we will sit down and talk with you for free for approximately 30 to 60 minutes regarding your situation and your options. You do not need to bring anything with you to this first consultation, but if you do have something you would like us to look at, you can bring it to the meeting. At the first consultation, we discuss your situation and present all of your options. There is absolutely no pressure for you to do anything. We just lay out your options, and let you decide what you would like to do.

As a business, there are usually two different bankruptcy options to choose from. The following is a brief summary of the options available to individuals. Please note that the final decision on what type of bankruptcy is appropriate should only be made after a consultation with an attorney.

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 existing 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 professional 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.

If you would like to schedule a consultation with us, please call 913-385-9900.