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Chapter 11 Bankruptcy Lawyer Las Vegas, NV

Chapter 11 Bankruptcy Lawyer Las Vegas, NVChapter 11 Bankruptcy Lawyer Las Vegas, NV

If your business is struggling with debt, you should speak to a Chapter 11 bankruptcy lawyer Las Vegas, NV residents trust. Your lawyer may advise you to file for Chapter 11 bankruptcy, which involves restructuring your debts to repay your creditors over a certain length of time. Here are some common misconceptions about Chapter 11 bankruptcy that you should know about:

Chapter 11 Bankruptcy Means Going Out of Business

Many people believe that companies that file for bankruptcy automatically go out of business. Fortunately, this is a myth. Many companies that file for Chapter 11 restructure their debts and still stay in business. The process does not involve liquidation of assets.

Chapter 11 Is a Long Process

Some businesses fear filing for Chapter 11 because they assume the process will take years. While it does take a while for some companies to go through the bankruptcy process, it does not always have to be that way. If you want to finish the process as quickly as possible, you can opt for a lightning-fast bankruptcy, which involves negotiating with creditors before filing. It takes much less time than a traditional bankruptcy case and can help you move on faster.

A Bankrupt Company Has Plenty of Money

Another common myth a Chapter 11 bankruptcy lawyer in Las Vegas, NV hears is that bankrupt companies have plenty of money because they don’t have to pay their creditors anymore. That could not be further from the truth. Chapter 11 requires companies to pay back their debts. In addition to paying the costs associated with bankruptcy, businesses have to have enough cash to operate every day. Therefore, many businesses going through bankruptcy don’t have a lot of cash flow and often have to cut some of their expenses.

Chapter 11 Bankruptcy Will Make Customers Leave

Another fear some companies have about filing for Chapter 11 is that all their customers won’t come back anymore. They may think their customers will not trust their business anymore and go elsewhere. However, most customers will never know if a company filed for Chapter 11. They will still continue to purchase your products and services regardless if you filed for bankruptcy or not.

Consulting With a Bankruptcy Lawyer

If you have made the decision to file for Chapter 11, your next step is to schedule a consultation with a Las Vegas bankruptcy lawyer. He or she can assess your company’s debts and finances and determine if Chapter 11 is the appropriate option or not. Filing for bankruptcy can be overwhelming, so it is helpful to have someone with knowledge and experience on your side.

If your business is in massive debt, contact a Chapter 11 bankruptcy lawyer in Las Vegas, NV at the Ballstaedt Law Firm today.

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From our first meeting and throughout, Ballstaedt Law Firm has been extremely helpful, knowledgeable and prompt. The prices are very reasonable, and the locations are easily accessible. We would recommend Ballstaedt every time!

Kat E. Actual Client

The professionalism and competence displayed by Lori Draper in dealing with me and my wife is rare in this day and time, where businesses treat clients as commodities rather than people. Lori has exceptional people skills and works diligently to make clients fell that they are the most important thing her agenda. Lori is prompt, timely and professional, which creates an atmosphere of trust and makes clients want to recommend the Ballstaedt Law firm to others. Employees like Lori Draper is an asset a company should be proud of representing them

Lawrence B. Actual Client

Harlene July 2010 – I had put off filling for a while. I was kind of afraid of the unfamilar. The staff was amazing, and made me feel good about what I needed to do. Seth, was right to the point and got things handled. I am very pleased.

Harlene H. Actual Client