When a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in District of Columbia.
For most publicly-held companies, filing for Chapter 11 bankruptcy is better because it is a way to rehabilitate the business.
Under a Chapter 7 bankruptcy, all of the assets are liquidated and the business is generally dissolved at the end. Most businesses, therefore, prefer to file for Chapter 11 bankruptcy, in which a trustee is appointed to reorganize the company's finances.
The business may then "emerge" from bankruptcy. Contact a business bankruptcy attorney in District of Columbia for legal advice.
Board Certification in Business Bankruptcy Law - The American Board of Certification (ABC) is accredited by the ABA to certify attorneys as specialists in business bankruptcy law.
NACBA serves the needs of consumer bankruptcy attorneys and works to protect the rights of consumer debtors.
Lawyer Referral Service in the District of Columbia - The Bar Association of the District of Columbia (BADC) sponsors a Lawyer Referral Service (LRS) that helps individuals and businesses find a local attorney in Washington D.C. In fact, the BADC sponsors the only Lawyer Referral Service in the District of Columbia. The LRS charges a nominal referral fee of $39.95. Call 202-296-7845 to talk with the Legal Advice Line staff and receive the referral to a local attorney with experience in the needed area of concentration.