When a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in California.
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 California 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.
Beverly Hills Lawyer Referral Service - Since 1976, this community based non-profit service has been sponsored by the Beverly Hills Bar Association. The Lawyer Referral and Information Service (LRIS) has more than 100 participating attorneys. The BHBA LRIS helps thousands of individuals and businesses each year find a qualified attorney throughout Beverly Hills and Los Angeles County, CA.