When a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in Los Angeles County, 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 Los Angeles County, 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.
Los Angeles County Lawyer Referral Service - The Lawyer Referral and Information Service (LRIS) is a community based non-profit service sponsored by the Los Angeles County Bar Association (LACBA). Since 1937, the lawyer referral service has helped the public find a qualified attorney throughout Los Angeles and the surrounding areas including Long Beach, Glendale, Santa Clarita and Lancaster, CA. As one of the largest Lawyer Referral Services in the country, the LACBA LRS helps more than 100,000 people each year.