When a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in Fayette County, Kentucky.
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 Fayette County, Kentucky 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.
Central Kentucky Lawyer Referral Service - Since 1995, the Fayette County Bar Association (FCBA) in Lexington, KY, has sponsored its own separate Lawyer Referral Service. The CKLRS was created to help individuals who need a qualified attorney and have the ability to pay reasonable attorney fees. When you call the service, a trained staff person will help you determine the type of attorney needed. When appropriate, you will be referred to a local attorney with experience in the needed practice area. The attorneys that participate in the program agree to charge a nominal consultation fee of $25 for a 30 minute consultation. During the initial consultation, you can discuss the case with the attorney and the fees needed for additional representation.