How To Choose The Type of Business Bankruptcy Your Company Should Handle by Lawyer

Ascent Law LLC

Business bankruptcies should handle by lawyer

Choosing the right type of business bankruptcy is an important step in protecting your business from a financial collapse. Business bankruptcies come in various forms and a good lawyer will be able to help you decide on the most appropriate option for your business.

You may decide to file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. Each type offers its own benefits. Choosing the right type of bankruptcy for your business will depend on a number of factors, including your company’s size and type.

In a business bankruptcy, you may be able to continue operating your business, but you will need to create a plan to pay off your debts. Some companies may choose to reorganize and sell their assets to pay off their creditors. This process is often referred to as “liquidation.” You will need to attach a statement of operations to your filing and attach a federal tax return. If your business has a mortgage, you may be able to use the mortgage funds to pay off your debts. If your business is a sole proprietorship, you may want to consider a Chapter 11 bankruptcy.

A business bankruptcy is a complicated process that involves a number of moving parts. It’s important to hire a lawyer who is familiar with your company’s business structure and has experience with business bankruptcies. The right lawyer can help you decide on the most appropriate type of business bankruptcy for your business and protect your business’s assets.

There are several other legal options for business bankruptcy, including filing a business plan and attempting to sell your business. Whether you choose a Chapter 7 or Chapter 13 bankruptcy, you will need to decide how much money you will be able to afford to pay off your debts. The good news is that you can often pay off your debts with less money than you originally planned. You will have to file a statement of operations and attach a cash flow statement.

You may also decide to file for an alter ego action, which is a legal term that refers to filing a lawsuit that pierces the corporate veil and eliminates some personal liabilities associated with the company. It’s an enticing way to protect your personal assets, but it’s also expensive.

The most important factor to consider when choosing the right type of business bankruptcy is whether or not your business can survive a bankruptcy filing. A business with a good revenue stream and high margins may be able to survive the bankruptcy. If it’s not feasible, you will likely be forced to close your business and eliminate your debts. During a business bankruptcy, the trustee will collect your business’s assets and distribute the proceeds to your creditors.

In a Chapter 7 bankruptcy, your personal assets are not protected. In a Chapter 13 bankruptcy, however, you may be able to retain some of your assets, such as your home. You will need to make some sacrifices, such as reducing your expenses and working extra hours to meet your payroll.

If you have any questions or in need a Bankruptcy Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
https://www.ascentlawfirm.com

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About Bluffdale Utah

Bluffdale, Utah

From Wikipedia, the free encyclopedia

Bluffdale, Utah
City
Bluffdale Fire Station in 2013
Location in Salt Lake County and the state of Utah.
Location of Utah in the United States
Coordinates: 40°28′24″N 111°56′40″WCoordinates: 40°28′24″N 111°56′40″W
Country	United States
State	Utah
County	Salt Lake, Utah
Founded	1886
Incorporated	October 13, 1978
Named for	Bluffs (high cliffs) and dales (valleys) along the Jordan River
Government
• Mayor	Derk Timothy
• City Manager	Mark Reid
Area [1]
• Total	11.14 sq mi (28.86 km2)
• Land	11.14 sq mi (28.85 km2)
• Water	0.00 sq mi (0.01 km2)
Elevation	4,436 ft (1,352 m)
Population  (2020)[2]
• Total	17,014
• Density	1,527.29/sq mi (589.74/km2)
Time zone	UTC-7 (MST)
• Summer (DST)	UTC-6 (MDT)
ZIP code	84065
Area codes	385, 801
FIPS code	49-06810 [3]
GNIS feature ID	1425844 [4]
Website	bluffdale.com

Bluffdale is a city in Salt Lake and Utah counties in the U.S. state of Utah, located about 20 miles (32 km) south of Salt Lake City. As of the 2020 census, the city population was 17,014.

From 2011 to 2013, the National Security Agency‘s (NSA) data storage center, the Utah Data Center, was constructed at Camp Williams in Bluffdale. It is approximately 1 million square feet in size.^[5][6]

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