BANKRUPTCY FOR

BUSINESSES

Used for businesses that are still operating and bringing in revenues, but are having trouble meeting their debt obligations

Enables companies to reduce overall debt and create a payment plan they can afford

Allows businesses up to 5 years to pay remaining debts, including back taxes

Lets businesses use mechanisms to promote proﬁtability, including contract cancelation or rejection

Businesses of all types and sizes have been struggling through the recent global recession. We’ve seen some of the largest companies in history ﬁle for bankruptcy over the past few years, many of which were able to emerge from bankruptcy in a short period and become proﬁtable.

These large national and international corporations aren’t the only businesses that deserve relief. Mike worked for years representing such clients, but started his own practice in 2005 to make these debt-relief services available to small business owners and entrepreneurs at a price they can afford.

There are two types of bankruptcy used most often by businesses: Chapter 7 and Chapter 11. All forms of bankruptcy impose an automatic stay on all creditors to immediately stop and prevent any further actions to collect debts, including harassment, foreclosure, and repossession.

CHAPTER 7

ELIMINATION

Only used in extreme situations

Assets are liquidated and distributed to creditors

In some cases, entire divisions can be sold

Company is dissolved

RENEGOTIATING DEBT

Lenders are normally willing to negotiate reductions if they believe the debtor will be otherwise forced into bankruptcy. Restructuring debts will improve your businesses liquidity and allow operations to continue. Having an Attorney represent you will show your lenders you are serious about resolving your debt issues.

Bankruptcy isn’t always the best option for business that are having trouble paying debts and ﬁnancing their operations. Mike specializes in helping business owners of all types regain control of their ﬁnancial situation using the best option for each unique situation.

DEBT RESTRUCTURING

Mike has helped many businesses become more proﬁtable by reﬁning their structure and cash ﬂow using various techniques and strategies.

FINANCIAL CONSULTING

RENEGOTIATING CONTRACTS

Mike DiLaura has helped hundreds of business owners restructure their operations and become proﬁtable again. There are many tools and techniques available that can save a seemingly doomed business.

An experienced Attorney can help businesses renegotiate leases and other contracts to free up cash and balance future budgets. The objective is to preserve existing business networks, while making your obligations more manageable.