When a business files for bankruptcy, it may, under most circumstances, either file for Chapter 7 or Chapter 11 bankruptcy in Nassau County, New York.
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 Nassau County, New York 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 Nassau County, NY - The Nassau County Bar Association established a Lawyer Referral Information Service (LRIS) in Mineola, NY. The LRIS helps individuals and businesses find a local attorney. More than 500 local attorneys participate in the Lawyer Referral and Information Service (LRIS) across a variety of different practice areas. If you need an attorney in Mineola or Nassau County, then consider the benefits of using a non-profit community based lawyer referral service.