Business Bankruptcy Services in Seattle
When you first envisioned the future of your company, you might have imagined long-term success, exponential growth, and lasting financial independence—essentially, anything but bankruptcy. Pervasive stereotypes liken bankruptcy to failure, but every one of us is vulnerable to unforeseen circumstances that result in financial hardship. If you have fallen on hard times, bankruptcy isn’t a form of giving up—it can be a solution and a turning point.
At Henry & DeGraaff, we have handled countless business bankruptcy cases in a broad variety of industries. From funeral homes to restaurants, from hardware stores to dairy farms, each type of business has unique financial challenges and, therefore, requires a customized legal approach. We have the knowledge, skills, and experience needed to help you rescue (or obtain relief from) your struggling business.
For business bankruptcy services you can trust, contact us online or call (206) 483-0505 today.
Types of Business Bankruptcy in Washington State
Whether you are a sole proprietor struggling with a business in your name, or you are the owner of a partnership, corporation, or LLC with debt that may have been personally guaranteed, Henry & DeGraaff is here to assist. We may be able to help you get your business back on its feet, buy time to complete a sale of assets or of the company itself, or provide you with a fresh start.
We handle all the following bankruptcy cases for business owners in Seattle:
- Chapter 7. Otherwise known as liquidation bankruptcy, Chapter 7 allows business owners to discharge most or all debt by liquidating their assets. You will not retain ownership over your business, but you can achieve the new financial beginning you need.
- Chapter 13. Chapter 13 allows people to reorganize debt into manageable 3-5-year repayment plans. Because they are personally responsible for their business debts, sole proprietors are the only business owners who can file Chapter 13 bankruptcy. Owners of LLCs, corporations, and partnerships will need to liquidate through Chapter 7 or restructure through Chapter 11 or 12.
- Chapter 11. Generally, Chapter 11 is the business version of Chapter 13, allowing people to restructure business debt into manageable repayment plans while retaining control and ownership over their businesses. If you own a small business, you may be able to take advantage of Subchapter V, which is a streamlined version of Chapter 11 that is exclusively available to small business owners.
- Chapter 12. Chapter 12 is another form of debt restructuring, but only qualified family farmers and fishermen can file. As with Chapter 13 and 11, the farmer or fisherman must use all disposable income to make payments in 3-5 years.
For business owners, bankruptcy can provide the crucial opportunity to reorganize these debts and present a plan that will pay key creditors while discharging others. No matter which chapter you choose, bankruptcy will trigger an automatic stay, which prevents collection activities such as foreclosures, evictions, and lawsuits.
The Henry & DeGraaff Difference
Experienced, Creative & Sophisticated
With years of experience between our attorneys, our goal is to deliver a higher level of service, only taking cases where we can add value.
We understand that no two cases are ever the same. We provide tailored solutions for every client and strategize in order to provide optimal results.
As a law firm that focuses on creative and collaborative solutions, we always seek opportunities that go even beyond the law to help provide the results you deserve.
Our ability to tackle complex issues has allowed us to win appellate decisions and push the law in our clients' favor. We pursue compensation arrangements that reward success.
Alternatives to Bankruptcy for Washington Business Owners
If you would like to explore other debt-relief options, our team at Henry & DeGraaff can help you determine which path may be the most effective. One alternative may be a receivership, the goal of which is to return a company to profitability. We may also be able to negotiate with your creditors on your behalf and settle your debt. In many cases, creditors can be highly motivated to avoid bankruptcy, which rarely allows them to recover what is owed.
What is the Downside of Filing for Business Bankruptcy
The main downfall of filing for business bankruptcy is the inability to have another loan issued to you. Additionally, any lingering business assets may be taken from your possession as a means to pay off debts. It is also important to note that you will still be responsible for any other debts such as student loans as these are not forgiven in the business bankruptcy process.
Contact Us for the Business Bankruptcy Resources You Need
At Henry & DeGraaff, we are problem-solvers. The circumstances surrounding your financial hardship are entirely unique, and we will use our resources and knowledge to develop the right solution for you. If your creditors are working to prevent you from achieving the success you deserve, we are ready to fight for your future.
With our team on your side, a new financial beginning is just around the corner. Call (206) 483-0505 or contact us online to schedule your initial consultation today.
Hear From People Like YouClient Testimonials
It is my belief that we came out way ahead of the game but we owe the success to Jacob.- Kim & Mike
5 stars are not enough.- Joe
Jacob successfully took over our Chapter 11 bankruptcy case.- Jerry
Jacob was always focused on our needs and desires concerning our real estate.- Previous Client
If you need their services don't hesitate to give them a call.- Reese H.