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Navigating Chapter 7 Or 11 Bankruptcy Proceedings With An International Law Firm

Last updated on February 6, 2025

Financial struggles are never part of the plan for businesses and entrepreneurs, but sometimes things don’t go as expected. When seemingly insurmountable debt problems arise, bankruptcy could provide a way forward. At Williams LLP, our experienced team helps individuals and businesses utilize these powerful debt relief tools. From our New York, London and Monrovia offices, our global business law attorneys assist with both Chapter 11 and Chapter 7 proceedings, guiding parties from the U.S. and abroad through such bankruptcy cases.

Determining If Bankruptcy Is Right For You

While bankruptcy can help address overwhelming debt, it’s not suitable for everyone. Alternatives such as debt consolidation, debt negotiation or asset sales may be a better fit in some situations. Our team can evaluate your circumstances, advise you on your options and help you determine the right path forward.

The Differences Between Chapter 7 And Chapter 11

Two common bankruptcy options for businesses and entrepreneurs facing debt issues are Chapter 7 and Chapter 11. These options have important differences:

  • Chapter 7: This type of bankruptcy typically terminates a business. It involves asset liquidation and a discharge of eligible debts. A trustee manages the sale of assets.
  • Chapter 11: This type of bankruptcy allows a business to keep operating. In it, a plan for reorganizing finances and repaying debts over time is formed and put into action. The debtor typically retains control of the business during the bankruptcy reorganization.

When deciding between these two, there are many important factors to consider, such as your business’s financial health, asset structure and long-term goals. Our business bankruptcy lawyers can guide you through this decision-making process.

Helping You Prepare For Bankruptcy

Once you’ve decided on a bankruptcy type, taking appropriate pre-bankruptcy steps is vital. This includes making sure you understand what bankruptcy will involve and gathering the necessary documents. For Chapter 7 bankruptcy, it is important to consider:

  • Timing issues
  • Exemptions
  • Dischargeability
  • Lien avoidance
  • Valuation issues

Our lawyers can assist you with all aspects of pre-bankruptcy planning.

Here For You At Every Step Of The Bankruptcy Process

Whether you file for a Chapter 7 or Chapter 11 bankruptcy, having dependable guidance throughout the process is critical. Bankruptcy law is complex, and a range of difficult issues can arise. Our experienced team knows how to pursue effective solutions in the face of such challenges. With our unique insights into international law, we are particularly adept at addressing bankruptcy issues that have a cross-border element. From the initial filing to the completion of the bankruptcy process, our lawyers stand ready to support you at every step.  

Let Us Help You Move Forward From Financial Struggles

When debt problems strike your company or business venture, get trusted guidance on your options for protecting your goals and future. Learn more about how Chapter 7 or 11 bankruptcy might be able to help you by calling us at 917-730-2454 or contacting us online.