Hi i’m Joseph Vacek the bankruptcy attorney here at Bailey & Galyen. Today we’re going to talk about business bankruptcies.
There are only two chapters when it comes to a business bankruptcy, Chapter 7 which is liquidation and Chapter 11 which is a reorganization.
Let’s start with 11, if your business has assets and a lot of debt the reorganization will allow you an opportunity to put things on pause and reorganize the debt.
