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Businesses consider bankruptcy generally when they are no longer able to repay debts and are seeking financial protection the federal bankruptcy code offers. By filing a business bankruptcy, the debtors can start anew financially and are no longer responsible to any previously eliminated debts. However, depending on the type of bankruptcy the business decides to ask for, the conditions and requirements can determine different futures.
Chapter 7 and Chapter 11 bankruptcy are typically most popular between businesses. If a business files for Chapter 7, that business is no longer functional and the state will close down the company permanently. Also, all assets will be sold to pay back the creditors. However, if a business files for Chapter 11, the debt will simply be spread out over a timed schedule that is more practical for the debtor while keeping the business operating.
Georgia business bankruptcy law provides protection for business owners so that creditors cannot take legally oppose them during the process. However, to claim that protection, businesses must be quick to file for bankruptcy as soon as the debtors realize that they are approaching a financial point of no return. During the bankruptcy, some cases allow businesses to continue running even during the bankruptcy procedure.
Coleman Legal Group, LLC handles cases in the following cities and communities: Atlanta, Alpharetta, Roswell, Johns Creek, Milton, Cumming, Marietta, Woodstock, Kennesaw, Gainseville, Midtown, Norcross, Lawrenceville, Kennesaw, Duluth, Buckhead, Dunwoody, Vinings, and Smyrna.
Our attorneys frequently handle cases for clients residing in the following counties: Fulton, Gwinnett, Forsyth, Cobb, DeKalb, Henry, Cherokee, Douglas, Carroll, Coweta, Paulding, Bartow, Hall, Barrow, Walton, Newton, Rockdale, Henry, Spalding, Fayette and Clayton.
Coleman Legal Group, LLC’s Georgia lawyers practice in the areas of Divorce, Family Law, Bankruptcy, Immigration and Business Law. We have two convenient offices located at: 5755 North Point Parkway, Suite 52, Alpharetta, GA 30022 and 659 Auburn Avenue Northeast, Atlanta, GA 30312. We serve clients in Alpharetta, Roswell, Johns Creek, Milton, Cumming, Atlanta, Buckhead, Inman Park and the surrounding Metro Atlanta area.
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