Bankruptcy Guidance For Toledo Businesses
If not handled properly, the dissolution of a business could result in the owner being liable for business debts. This can severely damage personal finances for years or even decades after the business closes. If your business is reaching its end, it is in your best interest to discuss your options with an experienced bankruptcy attorney at Mockensturm, Ltd.
Throughout northern Ohio, we are well-known for our personal service and the legal firepower of our attorneys and staff. Led by a dual professional — an attorney who is also a CPA — we have the skills and resources to resolve the personal and business challenges our clients face.
Avoiding Personal Liability
The key to protecting your personal finances is to avoid personal liability for the debts incurred by your business. Our bankruptcy team can sit down with you to identify all your options, and then implement a plan tailored to your needs. This usually involves winding down the business, paying off business debts if possible, and, if necessary, filing personal bankruptcy to protect personal finances from business creditors.
While we can handle Chapter 11 bankruptcy for businesses with the financial backing to restructure and stay open, most situations call for winding down the business and, if necessary, filing Chapter 7 bankruptcy in order to liquidate assets and achieve a fresh start.
Please see our Client Testimonials for more information on the high level of service and representation that we provide.
Skilled Guidance Through Receivership
Receivership is another possible solution to business debts. A court may order a company into receivership to help creditors more easily collect debts. Receivership is also a court-ordered tool for allowing a business to restructure, return to profitability, or otherwise settle disputes between parties. Our attorneys have extensive experience in these matters, and we can guide you through the receivership process from start to finish.
Can You Afford Bankruptcy?
It may seem counterproductive to file for bankruptcy in order to protect your finances, but bankruptcy can offer a fresh start and protect your personal assets from creditors seeking to recover after your business closes. With our experienced lawyers and CPAs on your side, you can put this chapter of your life behind you and move forward to a brighter future free from debt.
Schedule A Consultation
To discuss your goals and concerns, please call Mockensturm, Ltd. at 419-792-1143 or complete our contact form. We advise and represent businesses and individuals throughout the Toledo area and beyond.
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 requires the following notice: We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code.