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Dayton Business Bankruptcy Lawyers

Focused on Your & Your Business’ Unique Needs

Owners of small businesses in states across the country are concerned about current economic conditions. Ohio is no exception. The American dream of entrepreneurship seems to be in a state of precarious jeopardy. Every day, independent shop owners and large corporations must make survival-mode decisions. For companies and families alike, the usual measures of simply cutting back, tightening our belt−straps, and other such euphemisms for making a little money go a long way, are no longer enough. Still, Americans are a resilient people, and for most, simply giving up is not a consideration. Fortunately, other options are available. Speaking with a qualified Dayton business bankruptcy attorney at Fox & Associates Co., L.P.A. is a good place to start.

Small Business Bankruptcy Options

Insolvency issues can arise from any number of causes, including:

  • Liens
  • Taxes
  • Changes in technology
  • Inadequate record keeping
  • Competition from larger companies
  • Problems collecting monies from customers

These issues, among others, can seriously threaten the stability of a business. Financial reorganization in the form of business bankruptcy may be the best way to address your company’s economic challenges. The concept behind such a decision rests on the notion that it is better for everyone involved if you can continue operating, rather than liquidating, your business.

A lawyer can advise you about which of the following options may lessen your financial woes:

  • Chapter 11 bankruptcy allows your business to keep running. Debt is restructured and operations are reorganized in order to ultimately pay off the majority of debt through a repayment plan supervised by the court. This option is best used if the company is expected to recover financially. Advantages include the facts that your business can keep its assets, and many workers can remain employed.
  • Chapter 7 bankruptcy may be the best option for a business that is in a crisis and not likely to recover despite restructuring. This approach allows for the discharge of most of your outstanding obligations to creditors, as well as a complete dissolution of your business.
  • Conversion is another alternative offered in Ohio. A hybrid of the two options described above, a Chapter 11 case is initiated. Over time, however, if it becomes clear that the business cannot recover, then a motion is filed to convert the case into a Chapter 7 bankruptcy, allowing your company’s debts to be canceled.

Looking Ahead – Seeking Early Bankruptcy Planning

With the economy still a serious concern, many small business owners are wise to plan ahead. Talking to a skilled bankruptcy lawyer in Dayton early is a good idea if you suspect that your business is in trouble. It is important to note that during the year before you file, you cannot transfer ownership of any of your business equipment or assets to someone else, and during the three months prior to filing, you cannot make payments to any of your creditors. A knowledgeable business bankruptcy attorney can inform you of any additional changes in Ohio’s current bankruptcy laws which could affect the future of your business.

Speak with a Knowledgeable Business Bankruptcy Lawyer in Dayton

Fox & Associates Co., L.P.A. knows the current bankruptcy laws in Ohio and can provide you with the representation and personal attention your specific financial situation deserves. We also serve individuals across Riverside, Fairborn, Alpha, and the surrounding areas.

Contact us today by phone at (937) 204-1555 or online to set up your free initial consultation.

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Our Values

Why You Should Hire Us
  • More than 70 years of combined legal experience.

  • We develop effective legal strategies and provide innovative options.

  • We have a successful track record in handling cases just like yours.

  • We listen and create tailored solutions to meet your needs.