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Memphis, TN Business Bankruptcy Lawyer

As a business owner, your business is one of your top priorities. Not only is it likely one of your most valuable assets, but it is also something you care deeply about and have a personal connection to, especially if it’s something that you built from the ground up. Unfortunately, when a business finds itself struggling financially, the prospect of it closing becomes closer and closer to reality. That said, if you’re a struggling business owner, you may have options on the table, and our firm is here to help you explore those options. Please continue reading and contact a dedicated Memphis, TN business bankruptcy lawyer from the Arnold Law Firm today to learn more about business bankruptcy and how we can help you through the process.

Business Bankruptcy Lawyer | Here for Clients in Memphis & throughout Tennessee

When a business faces financial hardship, it’s important that the business owner takes action as soon as possible. The longer you wait, the more challenging it can be to dig yourself out. Though many people tend to think of bankruptcy as a bad thing, or as a punishment of sorts, the truth is, it is often actually an opportunity.

The Arnold Law Firm is experienced in representing business owners through the bankruptcy process, and we are prepared to fight for you, every step of the way. By hiring a competent Shelby County, TN bankruptcy lawyer to handle your case, you drastically improve your chances of attaining a positive outcome.

Our Business Bankruptcy Services

The Arnold Law Firm proudly provides bankruptcy services to business owner clients throughout the state of Tennessee. Some of those services are as follows:

  • Chapter 7 Business Bankruptcy: Chapter 7 business bankruptcy is for businesses that are no longer profitable and have more debts and liabilities than assets. Though Chapter 7 business bankruptcy typically results in a business permanently closing, it can help free a business owner of his or her debt–or at least the majority of their debt.
  • Chapter 13 Business Bankruptcy: Chapter 13 is also a type of reorganization bankruptcy, but it is primarily used only for businesses owned by sole proprietors. When someone files Chapter 13, as long as they successfully complete the process, they likely can keep their business running and hang onto assets that would have been liquidated, had they filed for Chapter 7 bankruptcy.

Should I Try to Keep My Business Open?

Of course, no business owner ever wants to think of the day when they have to fold and close their business permanently. Unfortunately, this is a reality for many business owners here in the United States, a country widely known for capitalism and competitiveness. That said, if your business is struggling financially but you’re hoping to keep it open, there are certain indicators of whether this is the best option.

For example, if your business is still turning a profit despite being in debt, you may benefit from filing for Chapter 11, Subchapter 5, or Chapter 13 reorganization bankruptcy and keeping your doors open. Additionally, if your business currently has more assets than liabilities and is still bringing in a steady flow of money, it may also be worth keeping it open. That said, if your business is not turning a profit and you don’t believe it has the potential to do so in the near future, it may be worth considering filing for Chapter 7 liquidation bankruptcy so you can discharge most of your debt and move on with your life.

No matter the type of business bankruptcy you’re looking to file, you should strongly consider doing so only with the help of a knowledgeable bankruptcy attorney who has years of experience guiding business owner clients through the process. Fortunately, you’ve just found that right here at the Arnold Law Firm.

Contact a Seasoned Business Bankruptcy Lawyer Today

The bottom line is that if you believe your business is in jeopardy, the smartest thing you can do is speak with a dedicated business bankruptcy lawyer who can help you fight for your future. The Arnold Law Firm has fought on behalf of business owners in Tennessee for years, and we are prepared to fight for you as well. Contact us today so we can get started working on your case.

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