We are a debt relief agency. We help businesses file for bankruptcy under the Bankruptcy Code. Filing for bankruptcy may not always be the best option. The choice you make can greatly affect the ability to retain your business assets and avoid costly fees. Let our team walk you through the options available to you or work with creditors on your behalf to ease the stress.

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Chapter 7 Bankruptcy

Liquidation under Chapter 7 is a common form of bankruptcy and is available to those who cannot make regular, monthly payments toward their debts. Businesses choosing to terminate their enterprises may also file Chapter 7. The principle advantage is that the debtor comes out without any future obligations on his discharged debts. However, this type of bankruptcy does not wipe out most mortgages or liens. If a debtor wants to keep an item—perhaps a house or car, which is security for a loan—he must continue these payments.

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Chapter 11 Bankruptcy

Chapter 11 is used by businesses to reorganize debts and continue operations. Corporations, partnerships, and LLCs are not allowed to file for relief under Chapter 13, thus Chapter 11 would be the only option for these entities if reorganization is needed.  A Chapter 11 plan is submitted to the court detailing the proposed treatment of secured and unsecured claims and a judge then approves or confirms the plan. The plan—which details creditors to be paid, how much they are paid, and how long the plan lasts—is then implemented. Plans for small businesses usually last three to five years.

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Chapter 12 Bankruptcy

Chapter 12 is used by farmers or commercial fishermen to reorganize their debts and continue operating their farms or fishing operations. The advantage of Chapter 12 is that the reorganization plan will allow payments to be made seasonally, when the farmer or fisherman earns his money. The limitation of only being able to restructure loans in a five-year period in Chapter 13 cases is not a limitation in Chapter 11 or Chapter 12 cases. A corporation, partnership, or LLC, along with individuals, are eligible for relief under Chapter 12 as family farmers or family fishermen. Debt limits do exist for a debtor filing for relief under Chapter 12, but the limits are significantly higher than debt limits under Chapter 13.

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Business Consulting and Advising

Do you need an attorney to provide honest, sound legal and business advice? Our employees are excellent problem solvers and experts at developing ideas. Our team will work to help you solve problems, recognize emerging problems, and help set your company on the path to success.

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Business Entities and Transactions

When selling to a third-party buyer or transferring a business to the next generation of family ownership, our team can guide you through the process. From entity selection and formation to disposition, our attorneys can aid in business sales, shareholder agreements, leasing and purchasing real estate, lender financing, and many other transactions. Our experience will help you weigh opportunities and risks to best assess business decisions.

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Corporate Structure and Business Planning

Structuring the way in which your business will be run and organized can be a daunting task. Trying to choose between registering as a sole proprietorship, general partnership, corporation, or limited liability company? Let our attorneys guide you in these types of decisions, the creation of job titles and duties, and the mapping of future expansion.

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Negotiation and Drafting

A well-drafted contract is essential to the success of all types of transactions and business dealings. Our attorneys will work with you throughout the process—making sure to draft contracts that protect your interests while also encouraging cooperation among all parties involved. We can work with you to draft, modify, review, and enforce a contract and will be there in the event you face contract disputes or breaches. We focus on accomplishing your contract goals while ensuring the contract can withstand any future legal challenges.

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Receiverships

During litigation a receiver is sometimes appointed to run a company and has the power to take whatever action he sees fit to liquidate the business’ assets. Our staff can represent the receiver or the business owner challenging the receiver prior to, during, or even after the appointment process.  Mr. Oliver has served as a receiver and special master for many state courts, including the North Carolina Business Court, various North Carolina superior courts, and the Nevada Business Court.  He has also represented receivers in various court proceedings.