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Grantham & Associates
Counselors at Law, PC
271 Cambridge Street
Suite 203
Cambridge, MA 02141
Phone:
617-497-LAW1 (5291)
Massachusetts Business Bankruptcy Lawyers
Boston Massachusetts Business Bankruptcy Lawyers; Chapter 7 Business Bankruptcy Attorney, Chapter 11 Bankruptcy Law Firm
The Massachusetts Business Bankruptcy lawyers at Grantham & Associates have years of experiences assisting Massachusetts businesses with with their debt problems. We represent business clients in Boston, Cambridge, Danvers, Plymouth, and throughout Eastern Massachusetts.
Business Structure: Can My Business File Bankruptcy?
Businesses in Massachusetts are organized in the following manners: Corporations, Limited Liability Companies, Partnerships, and Proprietorships.
- Corporations, LLC, Partnerships: These types of businesses all have either shareholders or partners. Businesses that are organized under one of these types of entities may file either a Chapter 7 Bankruptcy or Chapter 11 Bankruptcy.
- Proprietorships: If you are not incorporated or organized with the Massachusetts Secretary of State, and don't have a partner, you are a proprietorship. This type of business is an extension of the owner - so the business cannot file bankruptcy itself. If you own a business and are a sole proprietorship, then you, as the owner, must file bankruptcy. For more information, visit our Personal Bankruptcy Page.
Chapter 7 Bankruptcy: Business Liquidation
Under a Chapter 7 Business Bankruptcy, all business assets are liquidated and the business ceases to do business. Upon filing a Chapter 7 Bankruptcy, a trustee is appointed by the Bankruptcy Court. The trustee will collect and sell all business properrty that is not encumbered by a lien. Afterr the business assets are sold, the proceeds are used to repay unsecured creditors.
Chapter 11 Bankruptcy: Business Reorganization
Typically, a Chapter 11 Bankruptcy is a business reorganization. A Chapter 11 Business Bankruptcy allows a Massachusetts businesses to reorganize itself, giving it an opportunity to restructure its debt and get out from under certain burdensome leases and contracts. When a business files a Chapter 11 Bankruptcy, the business continues operations and managment typically remains in control.
A Chapter 11 Business Bankruptcy can also be used as a method for the managmenet to liquidate the assets of the business and pay the creditors from the realization. A business may choose this options if it chooses to wind down operations and obtain a higher return on it assets than it would realize underr a Chapterr 7 Business Bankruptcy.
For More Information on Chapter 11 Business Bankruptcy, click here, to visit our Chapter 11 Bankruptcy Information Page, or contact one of our Massachusetts Business Bankrutpcy attorneys by calling (617) 497-5291.
The Business bankruptcy lawyers at Grantham & Associates operate as a debt relief agency located in Cambridge, Massachusetts and serving business clients in Boston and eastern Massachusetts, including Cambridge, Braintree, Somerville, Revere, Brockton, Chelsea, Peabody, Quincy, Saugus, Winthrop, and the following counties: Essex, Middlesex, Norfolk, Plymouth, and Suffolk.
The Massachusetts Supreme Judicial Court requires that we inform you that the information contained on this Massachusetts Business Bankruptcy website is to be considered as advertising material.