Florence Small Business Bankruptcy Lawyer

Northern Kentucky Business Debt Relief Lawyer

As the current recession continues to affect the business climate in Northern Kentucky and nationwide, many family and closely-held businesses are having trouble keeping up with their debts. Many of these businesses are in a position where they need to consider bankruptcy.

Since 1990, Florence small business bankruptcy attorney L. Craig Kendrick has helped business owners reorganize, rebuild and liquidate their businesses through the bankruptcy courts. As the sole attorney at his firm, he provides personal attention to every case.

Carefully Evaluating Each of Your Bankruptcy Options

If your business cannot afford to repay its debts to lenders, suppliers and employees, it may be entitled to relief under federal bankruptcy law. Bankruptcy can have a number of different consequences for a business. The following are the major small business bankruptcy options:

  • Chapter 7 bankruptcy: In a Chapter 7 business bankruptcy, a business entity that cannot pay its debts is liquidated and its assets sold off in order to repay its creditors. The business owner or owners are free to rebuild the business from scratch.
  • Chapter 11 bankruptcy: Chapter 11 bankruptcy is a particularly complex process that allows businesses that are overburdened with debt to reorganize and continue operating. Unlike other types of bankruptcy, it generally requires negotiations with creditors.
  • Chapter 13 bankruptcy: A business entity cannot file Chapter 13 bankruptcy. However, if you own an unincorporated business, are self-employed, or have taken on personal debts to finance your business, you may be able to reorganize your debts in Chapter 13.

Attorney L. Craig Kendrick has a business background and works closely with accountants and tax experts to advise businesses on their options. He can explain the benefits and pitfalls of the different bankruptcy chapters for your type of business and your other specific circumstances.

Whether you are looking to stay in business, rebuild your business from scratch, or close down your business permanently so you can make a fresh start and move on with your life, Mr. Kendrick can help. Don't hesitate to contact him to schedule a free initial consultation.

We are a Debt Relief Agency. We help people file for Bankruptcy relief under the Bankruptcy Code