Filing Chapter 11 Bankruptcy in Oklahoma

If your business is struggling because of the economy, you may be tempted to file for Chapter 11 bankruptcy to protect yourself from creditors and reorganize your business debts. The unfortunate reality is that very few small businesses that have filed for Chapter 11 succeed without the assistance of a skilled lawyer. There are also other alternatives to simply closing your doors.

Michael J. Rose PC provides the sophisticated analysis and experience in small business bankruptcy to help you choose the best option for your circumstances. We invite you to a free consultation  about your closely held, family-owned business, or other small business entity structure in Oklahoma.

Small Business Bankruptcy:  What Can Save?

Chapter 11 bankruptcy provides a stay from creditor actions and allows the business to make good on debts over a period of time. However, we have represented clients who filed for Chapter 11 on the advice of other attorneys, when there was no reasonable hope of long-term viability. Those clients spent thousands of dollars with nothing to show for it.

Our attorney will sit down with you to look realistically at your projected income, fixed costs, taxes, variable expenses, and secured and unsecured debts:

• If the business prospects are good and the numbers work, a Chapter 11 small business bankruptcy filing may be the answer. Your small business can emerge from bankruptcy in solid financial shape.
• If the outlook is grim or risky, it may be most prudent to file for Chapter 7 liquidation and close down the entity. Tools of trade are exempt assets in bankruptcy, and we have had success negotiating with creditors to keep other business equipment. This allows you to continue your trade and earn a living, rather than simply surrendering assets. This can also mean your business can get back on its feet and become profitable once again.
• We can also represent you in negotiating with lenders for a commercial loan workout, with the IRS for abatement of taxes and penalties, or with vendors and other creditors for partial repayment or extensions on debts.
• We can also help you with any bankruptcy litigation or appeals in bankruptcy court that arise through these processes.

The decision to pursue small business bankruptcy, to liquidate, to negotiate, or to cut your losses and walk away depends on specific criteria. We have the background in bankruptcy law and creditor litigation to help you make an informed decision.

Contact a Bankruptcy Chapter 11 Lawyer in Oklahoma City

To schedule a free consultation, contact us or call (405) 605-3757.

From our law office in Oklahoma City, we serve clients in Lawton Enid, Norman, Edmond, Shawnee, Chickasha, Yukon, El Reno, Midwest City, Kingfisher, and Canadian County, Cleveland County, and Logan County. services.