Missouri Business Bankruptcy

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I'm a fan of Missouri small business folk.  You work hard to keep your promise to your customers, your employees, your community and your family.  When tough financial times come you may meet with a banker, discuss terms with vendors, and make the tough decision to cut payroll. Meanwhile, you take on more responsibility and more worries.  

Bankruptcy may look like a surrender, but a well-timed and properly planned business bankruptcy can provide your business a fighting chance to live on and become profitable once again. Let's discuss your options.  

A business may file a Chapter 7 bankruptcy to provide an orderly liquidation of assets to pay creditors when a business is going to shut down. Chapter 7 does not provide the business with a discharge, but does provide evidence and assurances to creditors that all business assets have been distributed.  It would most often be a mistake to reopen a business after a Chapter 7 case because the unpaid debt remains.

Chapter 11 provides a path to reorganizing the debt of a business so the good work you do can continue. The typical Chapter 11 path can be expensive and complicated, but your business may be able to benefit from a prepackaged option available under Title 11 Section 1126(b), or provisions available only to small business debtors in the new Subchapter V of the Bankruptcy Code.

Before filing for bankruptcy relief, you'll want to make sure that your business has taken advantage of nonbankruptcy laws, including the 2020 CARES Act.

I'll help you understand your options so that you can make the right decision for your business.  

Call Link at (913) 593-0137 or send an email to LSchrader@Schrader-Law.com.

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