Alternatives to Business Bankruptcy

There are alternatives to business bankruptcy, especially with the Los Angeles business bankruptcy attorneys of Weintraub Zolkin Talerico & Selth LLP on your side. With the right lawyers guiding you, you can explore the many options and find a solution outside filing for business bankruptcy.

Many business owners who experience financial stress do not realize that there are alternatives to bankruptcy in California. Your business may struggle with debt, overhead costs, and regional economic conditions. Though filing for bankruptcy protection may be appropriate, you may be able to avoid bankruptcy if you take action soon and contact the business bankruptcy attorneys at Weintraub Zolkin Talerico & Selth LLP. 

Are you a business owner struggling with debt? Our attorneys thrive on helping business owners find solutions. Call Weintraub Zolkin Talerico & Selth LLP today at (310) 220-4147 or contact us online to learn more about the alternatives to business bankruptcy! 

Helping Business Stay Afloat No Matter How Big Or Small 

Whether your company is large or small, you may not have the time or knowledge to pursue options for keeping your business solvent. Our attorneys offer decades of experience in helping businesses thrive for the short and long term. Contacting us will give you practical advice on how best to achieve your goals. Though your time may be precious, you will save time, money, and effort by contacting informed and experienced allies who can efficiently explain your options.

Many of your options can be accomplished outside of the courts. If your business cash flow is being squeezed and creditors are closing in, speak with a qualified Los Angeles business bankruptcy attorney who can advise you on the available alternatives.

How Our Attorneys Can Help You 

By having Los Angeles business bankruptcy attorneys negotiate a workout plan with your creditors, we can help you continue operating your company without bankruptcy court supervision. Our lawyers have helped innumerable business owners through this process. We not only can help you through this process but can also help you ask questions that will lead to the long-term health of your finances.

We’ll start by asking the following questions:

• Is an alternative repayment plan possible?
• Do you need an infusion of capital?
• Should you seek replacement financing?
• What costs should be cut to remain solvent?

Establishing A Workout Plan With Creditors 

Once we have determined that your business is sustainable, a restructuring plan should be developed before any attempt to negotiate with creditors. This plan may include historical financials and future projections for cash flow, profit and loss, and the balance sheet. This information allows you and your creditors to decide about a potential workout plan.

Negotiating a workout plan and restructuring debt is best left to a professional who can remain a neutral third party in the face of what may be disgruntled creditors. By retaining an experienced attorney, you send a message to creditors that bankruptcy is a possibility. For some creditors, this information may spur them to give your workout plan serious consideration.

Producing a restructuring plan and presenting it to creditors can be legally intricate and time-consuming if you are unfamiliar with it. Because the success of any workout plan depends on each creditor’s agreement, careful consultation coupled with financial creativity can prevent holdouts. In these cases, Weintraub Zolkin Talerico & Selth APC, knows how to get results.

Suppose all avenues of restructuring have been explored and liquidation of your business still becomes necessary. In that case, an alternative to filing for bankruptcy protection is an assignment for the benefit of creditors. The state courts oversee this. If your business wants to sell its assets, but the sale price is insufficient to repay your debts, this may be an attractive option.

Selling the assets through an assignment for the benefit of creditors may present a more efficient alternative to selling the assets in a bankruptcy case. In this process, an independent assignee is selected and acts as a fiduciary to the creditors. The assignee is then responsible for liquidating the business assets at maximum value. 

Find The Best Alternative To Bankruptcy For Your Business Today 

Our bankruptcy alternative lawyers at Weintraub Zolkin Talerico & Selth LLP, have decades of experience making alternatives to bankruptcy work for businesses throughout Los Angeles and all of California. We may be able to quickly assess your situation and suggest steps you can take to avoid bankruptcy. Call for a consultation with an experienced Los Angeles business bankruptcy lawyer.

Contact Weintraub Zolkin Talerico & Selth LLP today to schedule a consultation and learn more about the alternatives to business bankruptcy!