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Facing bankruptcy is a situation no business owner wants to find themselves in, but unfortunately, it is something many business owners will indeed face. The good news is that you have a local team of bankruptcy attorneys in Southfield ready to assist you and walk you through the complex process. Our goal is to help you understand every option available to you and to help you choose the option that will benefit your business the best. One alternative to traditional business bankruptcy is found in receiverships. Receiverships involve a somewhat complex process, but when utilized in the proper setting could be a great alternative for your business.

If you have any questions about the following information, please do not hesitate to reach out to a local bankruptcy attorney on our team. We can help you understand exactly what the process looks like and help you determine if this is the ideal path for your company.

Appointing a Receiver

The basics of receivership involve the debtor, in this case, your business which cannot pay its creditors, and the appointed receiver. A receiver is put in charge of either the entirety of your business, tangible and intangible assets, and property or is put in charge of only part of these components. This will depend upon the situation you are facing and what is needed. Essentially, if your business is failing to pay its creditors, the business will be placed into the custody of a responsible party called a receiver.

The Responsibility of the Receiver

The receiver’s duty is then to try to turn around the situation and ensure creditors are paid. They can do this through a variety of means including the following:

  • Change how the company is run to improve the value of the company and the company’s assets
  • Sell the company as a whole to liquidate and pay creditors
  • Sell portions of the company and continue to run the rest
  • Close divisions of the company that are not turning a profit
  • Investigate any cases of fraud within the company

These are just some of the ways a receiver may choose to solve the insolvency of the company in question.

Choosing the Right Team

When it comes to deciding how best to proceed in filing bankruptcy for your business, it is best to consult with a team like ours. Facing the situation alone will lead to frustration, stress, and possibly poor direction for your company. So why should you choose our Top Rated Local law firm when you are facing business bankruptcy?

  • Our Clients: We have served a large variety of clients. We can help lenders, business owners, creditors, receivers, and more. No matter what side of the situation you fall on, we are here to provide you with the legal counsel you need in order to make the wisest choices possible.
  • Our Service: We are focused on bankruptcy laws and we have experience working with filing Chapter 7 Bankruptcy, Chapter 11 Bankruptcy, Chapter 12 Bankruptcy, Chapter 13 Bankruptcy, Chapter 15 Bankruptcy, Chapter 9 Bankruptcy, and more. Not only can we help you file the appropriate bankruptcy, we can also help you explore alternative solutions.
  • Results Driven: We are not here to simply provide you with a few options and quickly shove you through the process. Instead, we are results driven. We truly care about the business owners we work with and we recognize how difficult this process can be for you. Our goal is to get you the best result possible. We want to try to help you turn these lemons into lemonade. We go beyond simply helping you file bankruptcy or find an alternative, we are dedicated to helping you rebuild credit, figure out a better plan for the future, and ensure you are freed up to focus on getting back on your feet. We do not believe in endings. We believe in new beginnings.

If you are ready to reach out and discuss your business’ needs, don’t hesitate to contact our team today. We will be happy to sit down with you and answer any questions you have and provide you with resources to help you start moving forward. We are the local bankruptcy attorney in Southfield to turn to for solid legal advice no matter you circumstance.

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