Alternatives To Business Bankruptcy In Los Angeles
There are alternatives to business bankruptcy especially with the Los Angeles business bankruptcy attorneys of Weintraub & Selth, APC, on your side. With the right lawyers on your side, you may be able to explore your many options and find a solution besides bankruptcy.
Many business owners who experience financial stress do not realize that there are alternatives to bankruptcy in California. Your business may be struggling beneath debt, overhead costs and regional economic conditions. Though filing for bankruptcy protection may be appropriate, you may be able to avoid bankruptcy if you take action soon and contact the business bankruptcy attorneys at Weintraub & Selth, APC. We thrive on helping business owners just like you find solutions. Our reputation is based upon decades of success.
Reach out to the bankruptcy alternative lawyers at Weintraub & Selth, APC. We have decades of experience in making alternatives to bankruptcy work for businesses throughout Los Angeles and all of California. We may be able to quickly assess your situation and suggest steps you can take to avoid bankruptcy. Call for a consultation with an experienced Los Angeles business bankruptcy lawyer.
Whether your company is large or small, you may not have the time or knowledge to pursue options for keeping your business solvent. Staying afloat on a day-to-day basis may require all the time and effort you have to spare. Our attorneys offer decades of experience in helping businesses thrive in the short and long term. By contacting us, we will give you practical advice on how best to achieve your goals. Though your time may be precious, you will save time, money and effort by contacting informed and experienced allies who can efficiently explain your options.
Many of your options can be accomplished outside of courts. If your business cash flow is being squeezed and creditors are closing in, speak with a qualified Los Angeles business bankruptcy attorney who can advise you on the alternatives that are available.
A Workout Plan With Creditors
By having Los Angeles business bankruptcy attorneys negotiate a workout plan with your creditors, we can help you continue operating your company without bankruptcy court supervision. Our lawyers have helped innumerable business owners through this process. We not only can help you through this process but can also help you ask questions that will lead to long-term health of your finances.
- Is an alternative repayment plan possible?
- Do you need an infusion of capital?
- Should you seek replacement financing?
- What costs should be cut to remain solvent?
Once we have determined that your business is sustainable, a restructuring plan should be developed before any attempt to negotiate with creditors. This plan may include historical financials and future projections for cash flow, profit and loss, and the balance sheet. Having this information allows you and your creditors to make an informed decision about a potential workout plan.
Negotiating a workout plan and restructuring debt is best left to a professional who can remain a neutral third party in the face of what may be disgruntled creditors. By retaining an experienced attorney, you send a message to creditors that bankruptcy is a possibility. For some creditors, this information may spur them to give your workout plan serious consideration.
The process of producing a restructuring plan and presenting it to creditors can be legally intricate and time-consuming if you are unfamiliar with it. Because the success of any workout plan depends on each creditor’s agreement, careful consultation coupled with financial creativity can prevent holdouts. In these cases, we know how to get results.
If all avenues of restructuring have been explored and liquidation of your business still becomes necessary, an alternative to filing for bankruptcy protection is an assignment for benefit of creditors. This is overseen by the state courts. If your business wants to sell its assets but the sale price is not sufficient to repay your debts, this may be an attractive option.
Selling the assets through an assignment for benefit of creditors may present a more efficient alternative to selling the assets in a bankruptcy case. In this process, an independent assignee is selected and acts as a fiduciary to the creditors. The assignee is then responsible for liquidating the business assets at maximum value.
Our business bankruptcy attorneys will never suggest bankruptcy unless it is the best option for your situation. Call us to discuss your many options before deciding on bankruptcy.