The current economic environment has had a major effect on the survival of businesses. Even those businesses that have always been successful now face problems that seem impossible to overcome:
At some point, bankruptcy may seem to be the only way out.
Filing bankruptcy does not necessarily mean the end of your business. In many situations, Georgia companies can use Atlanta Chapter 11 bankruptcy, also known as an Atlanta business work out, or B2B bankruptcy, to develop a new debt repayment plan that can help the business toward a bright future.
Corporations, partnerships, or sole proprietorships considering B2B bankruptcy in Atlanta—or anywhere in Georgia—must first determine if they are capable of handling a new debt repayment plan and whether the business has the potential for future success. The bottom line is that businesses can qualify for Chapter 11 bankruptcy in Atlanta if they can renegotiate all debt agreements by developing a new payment schedule that repays the debt within a defined period—generally five years. If this is not possible, or if owners do not see future potential for their Georgia businesses, they may need to consider filing for business bankruptcy in Atlanta to liquidate the business assets and close the doors.
The laws behind Atlanta business bankruptcy are complex—you need to find a law firm with specific business bankruptcy experience. Your attorney should be absolutely current on any changes to the Georgia bankruptcy laws and requirements. Just as important, you need an experienced Georgia bankruptcy attorney who understands the many business issues that help predict whether your company is a good candidate for Chapter 11 bankruptcy in Atlanta, whether liquidation may be a better option, or even if bankruptcy is not the best choice.
Not all bankruptcy law firms in Atlanta provide the same level of support as Berry & Associates. To contact us, use our online contact form or call the law offices of Berry & Associates now to schedule your free consultation at one of our 11 Georgia offices. (877) 715-0306.