Bankruptcy Attorney Richard Check has been practicing business law for 31 years. He graduated from the prestigious Kelley Business School at Indiana University followed by Law School at the McKinney School of Law. Attorney Check has been representing businesses and individuals in business related cases during his entire law practice.

Attorney Check can provide Bankruptcy, non-Bankruptcy, business workouts, business shut downs, and restructuring help to business and individuals where he can often eliminate debt and keep them in business.

Call (414) 223-0000 for a free consultation to see what Attorney Richard Check can do for you.

Milwaukee Small Business Bankruptcy Attorney Discusses Options for Small Business Owners

Navigating the turbulent waters of a small business bankruptcy in Milwaukee can be a daunting task. When faced with financial difficulties that threaten the survival of your business, the expertise of a Milwaukee bankruptcy attorney can be a beacon of hope. In this comprehensive article, we will explore the multifaceted ways in which a seasoned bankruptcy attorney can assist small business owners in Milwaukee, ensuring that they make informed decisions and navigate the complex legal landscape with confidence.

 Understanding Bankruptcy Options In Milwaukee

One of the first ways a Milwaukee bankruptcy attorney can help is by elucidating the different types of bankruptcy available. For small businesses, the most pertinent options are Chapter 7, Chapter 11, and Chapter 13 bankruptcy. Each type has its unique features, benefits, and drawbacks:

– Chapter 7 Bankruptcy: Often referred to as liquidation bankruptcy, Chapter 7 involves selling the business’s assets to pay off debts. This option is typically chosen when the business has no viable future and aims to provide a fresh start to the owner.

  – Chapter 11 Bankruptcy: Known as reorganization bankruptcy, Chapter 11 allows businesses to continue operations while restructuring their debts. It is suitable for businesses that have a solid foundation but need time and a structured plan to get back on their feet.

– Chapter 13 Bankruptcy: Primarily designed for individuals, Chapter 13 can also be applicable to small business owners who operate as sole proprietors. It involves creating a repayment plan to settle debts over a three to five-year period.

A knowledgeable bankruptcy attorney will assess your specific situation and help you determine the most suitable type of bankruptcy, taking into account the nature of your business, the extent of your debts, and your long-term goals.

Bankruptcy Advice for Small Business Owners in Milwaukee 

The intricacies of bankruptcy law require a deep understanding and meticulous attention to detail. A Milwaukee bankruptcy attorney brings invaluable legal expertise to the table, guiding you through the process and ensuring that all legal requirements are met. This includes:

– Filing the Petition: The initial step in any bankruptcy case is filing a petition with the bankruptcy court. This document provides a detailed account of your financial situation, including assets, liabilities, income, and expenses. An attorney will help you compile and present this information accurately, minimizing the risk of errors or omissions that could jeopardize your case.

– Automatic Stay: Upon filing for bankruptcy, an automatic stay goes into effect, halting all collection actions, foreclosures, and lawsuits against your business. A bankruptcy attorney will ensure that creditors comply with this stay, giving you much-needed breathing room to reorganize or liquidate assets without the pressure of imminent legal actions.

– Meeting of Creditors: Also known as the 341 meeting, this is a mandatory meeting where creditors can ask questions about your financial situation and the proposed bankruptcy plan. Your attorney will prepare you for this meeting, represent you, and address any creditor concerns.

Developing a Strategic Plan

A Milwaukee bankruptcy attorney doesn’t just handle the legal paperwork; they also help you develop a strategic plan to address your financial woes. This plan may involve:

– Asset Liquidation: If you are filing for Chapter 7 bankruptcy, your attorney will help you identify which assets are exempt from liquidation and which ones must be sold to pay off creditors. They will also oversee the liquidation process to ensure it is conducted fairly and efficiently.

– Debt Restructuring: For Chapter 11 or Chapter 13 bankruptcy, your attorney will work with you to develop a feasible repayment plan. This may involve renegotiating terms with creditors, extending payment deadlines, or reducing the overall amount owed. The goal is to create a plan that is sustainable for your business while satisfying creditor demands.

– Business Reorganization: In cases where the business has a viable future, a bankruptcy attorney will assist in creating a reorganization plan. This may include streamlining operations, cutting unnecessary expenses, and finding new revenue streams to ensure long-term viability.

Protecting Personal Assets

One of the primary concerns for small business owners facing bankruptcy is the protection of personal assets. Many small businesses are structured as sole proprietorships or partnerships, where personal and business assets are intertwined. A Milwaukee bankruptcy attorney will help you navigate this complex terrain by:

– Identifying Exemptions: Wisconsin law provides certain exemptions that protect specific personal assets from being used to pay off business debts. Your attorney will identify these exemptions and ensure that you take full advantage of them.

– Advising on Business Structure: If your business is not yet incorporated, your attorney may advise you on the benefits of restructuring as a corporation or LLC to separate personal and business liabilities. This can provide an additional layer of protection for your personal assets in the future.

 Navigating Court Procedures

The bankruptcy process involves numerous court procedures and interactions with judges, trustees, and creditors. A seasoned Milwaukee bankruptcy attorney will:

– Represent You in Court: Appearances in bankruptcy court can be intimidating. Your attorney will represent you, presenting your case in the best possible light and addressing any legal challenges that may arise.

– Handle Trustee Interactions: Bankruptcy trustees play a crucial role in overseeing the bankruptcy process. Your attorney will communicate with the trustee on your behalf, ensuring that all requirements are met and any issues are promptly addressed.

– Resolve Disputes: Bankruptcy cases can sometimes lead to disputes with creditors or other parties. Your attorney will advocate for your interests, working to resolve disputes amicably and, if necessary, litigating on your behalf.

 Emotional and Psychological Support

The stress of facing bankruptcy can take a significant toll on your emotional and psychological well-being. A compassionate Milwaukee bankruptcy attorney understands this and provides support beyond just legal advice. They can:

– Offer Reassurance: Knowing that you have a knowledgeable professional on your side can provide immense reassurance during a difficult time. Your attorney will help you stay focused and positive, reminding you that bankruptcy is a step toward financial recovery and not the end of your entrepreneurial journey.

– Provide Resources: Your attorney may also connect you with additional resources, such as financial counselors, business advisors, or mental health professionals, to help you cope with the broader impacts of bankruptcy.

 Post-Bankruptcy Guidance

The support of a Milwaukee bankruptcy attorney doesn’t end once your case is concluded. They will also provide post-bankruptcy guidance to help you rebuild and move forward. This may include:

– Credit Rehabilitation: Bankruptcy can significantly impact your credit score. Your attorney will advise you on steps to rebuild your credit, such as timely bill payments, prudent use of credit, and monitoring your credit report for errors.

– Business Rebuilding: If you plan to start a new business or rebuild the existing one, your attorney can provide advice on structuring the new venture to avoid past pitfalls and ensure financial stability.

– Legal Compliance: Ensuring ongoing compliance with legal and financial obligations is crucial to avoiding future financial difficulties. Your attorney will help you understand and adhere to these requirements.

Contact Milwaukee bankruptcy attorney Today at (414) 223-0000

Navigating a small business bankruptcy is a complex and emotionally charged process. The expertise of a Milwaukee bankruptcy attorney is invaluable in guiding you through this challenging journey. From understanding your bankruptcy options to protecting your personal assets and providing post-bankruptcy support, a dedicated attorney ensures that you make informed decisions and emerge stronger on the other side. If you find yourself facing financial difficulties, don’t hesitate to seek the assistance of a skilled Milwaukee bankruptcy attorney who can help you turn the tide and embark on a path to recovery.