Corporate Bankruptcy Lawyer
Helping you find debt relief
Filing for business bankruptcy is an important decision. Timing is critical. When mounting business debt begins to feel unmanageable together with loss of business during these harsh economic times, bankruptcy may be an option to provide relief. Geremia & DeMarco, Ltd. helps you decide whether filing for bankruptcy is the most effective way for you to take control of your debt.
The most important thing to do is not to wait until it’s too late. I have found that a critical factor in helping a company through difficult financial situations is ensuring management fully understands the tools at its disposal to fix those problems at the earliest signs of trouble. Bankruptcy, in the right circumstances, can be used to help struggling companies not only survive, but emerge as a stronger, more competitive business. I assist my clients in evaluating the risks and benefits when considering the filing of a business bankruptcy. There are other options.
I can help you with:
- Dissolution of a business
- Chapter 7 bankruptcy
For many businesses and professionals, a lack of liquidity or inability to grow due to creditor demands keeps them from successfully resolving their financial problems. As banks and other creditors begin to call loans due, clients begin to have difficulty juggling between them. As these businesses’ and professionals’ cash dries up, so does their ability to keep their creditors content. Once liquidity becomes an issue, clients do not have the time or know-how to work with creditors to restructure the debt. I may be able to negotiate a more manageable plan of payment in order to allow the client to run their businesses at the same time.
I begin by analyzing a client’s financial situation from the top down. I then analyze the client’s debt from all aspects, including:
- How much debt they owe
- The type of debt and its aggregate amount
- The urgency associated with particular debts
- Any inchoate (hidden) problems that the client might not realize
After conducting this analysis, I then begin negotiating with the client’s creditors to restructure or modify their debt so that they can more effectively run their business while meeting financial obligations.
To the extent that no negotiation or restructuring of the business debt is successful, a Chapter 7 bankruptcy or dissolution of the business may be an option.
Dissolution of a business and business Chapter 7 bankruptcy
I help businesses close their doors in the manner that is most advantageous to the owner of the business with the least amount of impact possible on its employees. Typically, this takes the form of an orderly wind-down of the business’s affairs until the ultimate dissolution of the business. Alternatively, I may determine that a Chapter 7 bankruptcy to liquidate the business’ assets is appropriate. In either event, we endeavor to limit the impact on the owner’s personal life and finances.
If you are considering a business bankruptcy, contact me today.
Contact an experienced East Greenwich bankruptcy attorney. Call Geremia & DeMarco, Ltd. at (401) 885-1444 or contact me online to schedule your appointment.