At The Romano Law Firm, we have been carefully and strategically guiding small businesses through bankruptcy for more than 17 years. Since 2003, our firm has served hundreds of businesses, like yours, and consistently provided sound, trustworthy legal counsel for businesses facing a wide variety of financial struggles – and we are prepared to do the same for you.
If you are a small business owner and you believe you may be headed for bankruptcy, please contact our firm as soon as possible. (We are also prepared to help individuals who do not qualify for Chapter 13 or Chapter 7 evaluate their eligibility for bankruptcy under Chapter 11.) Bankruptcy of any kind should be a last resort, and you should only file for it after considering your options very carefully. Being experienced Cleveland bankruptcy lawyers, we can walk you through all your options and help you make the best decision in your case.
When you file for bankruptcy under Chapter 11, the court will assist you in prioritizing and restructuring your business’s financial obligations while your business continues to operate as usual. However, the court may elect to appoint a third-party trustee if your bankruptcy has come about as a result of criminal fraud, obvious administrative ineptitude, or any other form of deception by you or other corporate leaders within your organization.
While your business may continue operating mostly as normal, some of your business decisions will require court approval, such as:
During Chapter 11 bankruptcy, you will be required to submit a reorganization plan to the court, which must preserve the best interests of the parties to whom you are indebted. Your proposed plan must also be fair, equitable, and reasonably likely to succeed. If you fail to submit such a plan, your creditors may attempt to propose a plan instead. If approved by the court and by your creditors (each of whom will vote to approve or reject your plan), this agreement functions as a contract between you and your creditors regarding how you will pay off your debts in the future.
A reorganization plan that meets the court’s requirements will allow you to keep your business intact and remedy your financial difficulties without shutting down your daily operations. In order to propose such a plan and increase your likelihood of success, you must bring in an experienced Cleveland bankruptcy attorney to help you.