4 Things You Should Know About Corporate Bankruptcy Filing

Are you a Las Vegas business owner with questions about the bankruptcy process? It’s easy to find information about the GM or Lehman bankruptcy cases. But what if you’re not a Fortune 500 CEO?

To help you out, here are 4 things you should know about filing for bankruptcy as a corporation:

1. You will need to retain a bankruptcy lawyer to help you file.

2. There are two options: Chapter 7 (straight liquidation) or Chapter 11 (reorganization). Which option is best for you depends on many factors. If you want to continue your business, then Chapter 11 reorganization is, in theory, the best option for you. But depending on your financial situation, you may only be able to wind down your company. This is another point at which experienced bankruptcy counsel can be critical to helping to devise the best bankruptcy strategy for you.

3. You need to actually complete a bankruptcy petition. This involves a lot of basic information. But it also requires listing all of your creditors, their address or contact information and the amounts owed to them. Completing your petition is yet another important step where an experienced bankruptcy lawyer can help make sure you’re maximizing your results in the bankruptcy process. At the same time, a misstep in the petition process can be very harmful to your case.

4. File your case with the bankruptcy court. If you’re working with a bankruptcy attorney, your case can be filed online via your bankruptcy lawyer’s computer. (Most bankruptcy lawyers today have an account with the official Bankruptcy Court filing system, known as PACER.)