A business owner or manager concerned that his or her company may not survive a period of diminished revenue often needs a professional analysis on the pros and cons of a Chapter 11 bankruptcy. This kind of bankruptcy can provide a procedure through which a business can either restructure its debt so it can survive, or at least better control the outcome from the liquidation of its assets. Our bankruptcy attorneys are able to ask the right questions to help with these decisions for companies across central and western Virginia including Lexington, Lynchburg, Charlottesville, Harrisonburg and Winchester and the surrounding areas.
Chapter 11 cannot by itself turn a dying business into a thriving business. But if the underlying business problem has a viable solution, Chapter 11 can provide the room for energetic owners and managers to implement the changes needed. The process is designed for publicly-owned companies and is therefore much more complicated than is usually necessary for a smaller company. Our Harrisonburg bankruptcy attorneys work hard to focus on the essentials. Clients are much more successful if they don’t wait until creditors have begun lawsuits or have seized collateral.
Because Chapter 11 requires a tremendous amount of legal work in the first few days and weeks of a case, we use a team approach with two or three lawyers participating in the beginning stage. This allows us to divide the work to keep the case moving, working off a common base of key facts and data.
An interested company should let us know at the outset if it is only seeking basic information about the Chapter 11 process or, on the other hand, if it is ready for a thorough evaluation of its specific situation, so it can understand if this course of action offers likely benefits that will justify the considerable costs in external professional fees and internal energy and time expenditures.
To schedule your consultation at Hoover Penrod, PLC, please call 540-433-2444 today. Located in Harrisonburg, our bankruptcy attorneys serve all surrounding areas of Virginia including Staunton and Winchester.