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Peace of mind is.

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More stress is not what you need. 

Peace of mind is.

Our Legal Protection Services are accessible 24/7 in an emergency and through our app

Access your law firm any time, without leaving your home.

One membership covers your whole family.

Copyright © 2020 LegalShield. All rights reserved.

Copyright © 2019 LegalShield. All rights reserved.

Affordable Legal Advice for Businesses Considering Bankruptcy

Life is scary for a lot of people right now. Millions of Americans have lost their income almost overnight and organizations in virtually every sector are either seeing reduced revenue or have completely lost their ability to conduct business.

 If you’re at the point where you’re considering bankruptcy for your small business, know that there are a variety of solutions and you’re in the right place.

The employees and attorneys of LegalShield want you to know that you are not alone. We are committed to remaining open and available to our business members throughout this difficult period, no matter how long it lasts.

Let’s start solving your bankruptcy challenges right now. 

Is Filing for Bankruptcy the Right Decision?

It goes without saying that bankruptcy is a huge decision that can have personal and professional ramifications for many years. Before you file for bankruptcy, it’s important to make sure it’s the best option for you. Here are a few questions to ask yourself. 

Do your debts outweigh your assets by a large margin?
Does my company qualify to file for bankruptcy?
What are the pros and cons as they relate to other options?
Do changes in bankruptcy law due to COVID-19 offer new options I should consider?

No matter the circumstances you’re facing, the decision to file for bankruptcy is never easy. If you’d like general information about the above questions, review our new bankruptcy blog post

 If you’d like to speak with a bankruptcy attorney in your area to help you sort through your options and make a decision, 
a small business plan from LegalShield provides unlimited consultation and help filing for bankruptcy. For the cost of one business lunch, you can get the legal support you need. 

Learn About the Different Types of Bankruptcy

To make the decision to file for bankruptcy, you must first understand the different types of bankruptcy and figure out which one is appropriate for your specific situation. Here are high-level explanations of each type of bankruptcy.

Chapter 11 bankruptcy is used by businesses to reorganize and continue as a going concern.  
Chapter 7 bankruptcy is generally used by individuals to liquidate assets and discharge debt.  
Chapter 13 bankruptcy is used by individuals to create a repayment plan over three to five years.

LegalShield provider attorneys have created an informative article that goes into more detail about each type of bankruptcy, including examples of when to use each one. Also, the article covers issues specific to LLCs which can use either Chapter 7 or Chapter 11 depending eligibility and desired outcomes.

If you’re overwhelmed and need help, you’re not alone.
 Join LegalShield today and you can be on the phone with a bankruptcy attorney in your local area within 4 hours.

Understand the Changes to Bankruptcy Law Due to Coronavirus

In February 2020 the Federal Government passed the Small Business Reorganization Act (SBRA) to help streamline the bankruptcy process for small businesses. Additional changes were made under the CARES Act.

First, the new rules under the SBRA allow a trustee to be appointed to help small businesses get through the bankruptcy process more easily.
The CARES Act further amended the SBRA to temporarily raise the debt limit to $7.5 million, allowing more companies to qualify for bankruptcy protection.
Also, Coronavirus payments a business receives under the CARES Act will not be counted as income for the purposes of Chapter 7 or Chapter 13 filings.

If you’d rather not guess and stress, we strongly encourage you to give us a call. Our provider attorneys can quickly assess your situation based on the new laws, discuss your options and either guide your next steps or take action on your behalf. LegalShield provider attorneys can give you peace of mind and get you moving towards a positive outcome.  

As we said at the top, we’re here for you. Let us help you.

Affordable Legal Advice for Businesses Considering Bankruptcy

Learn About the Different Types of Bankruptcy

LegalShield provider attorneys have created an informative article that goes into more detail about each type of bankruptcy, including examples of when to use each one. Also, the article covers issues specific to LLCs which can use either Chapter 7 or Chapter 11 depending eligibility and desired outcomes.

If you’re overwhelmed and need help, you’re not alone. 
Join LegalShield today and you can be on the phone with a bankruptcy attorney in your local area within 4 hours.

To make the decision to file for bankruptcy, you must first understand the different types of bankruptcy and figure out which one is appropriate for your specific situation. Here are high-level explanations of each type of bankruptcy.

Chapter 11 bankruptcy is used by businesses to reorganize and continue as a going concern.  
Chapter 7 bankruptcy is generally used by individuals to liquidate assets and discharge debt.  
Chapter 13 bankruptcy is used by individuals to create a repayment plan over three to five years.

Understand the Changes to Bankruptcy Law Due to Coronavirus

If you’d rather not guess and stress, we strongly encourage you to give us a call. Our provider attorneys can quickly assess your situation based on the new laws, discuss your options and either guide your next steps or take action on your behalf. LegalShield provider attorneys can give you peace of mind and get you moving towards a positive outcome.  

As we said at the top, we’re here for you. Let us help you.

In February 2020 the Federal Government passed the Small Business Reorganization Act (SBRA) to help streamline the bankruptcy process for small businesses. Additional changes were made under the CARES Act.

First, the new rules under the SBRA allow a trustee to be appointed to help small businesses get through the bankruptcy process more easily.
The CARES Act further amended the SBRA to temporarily raise the debt limit to $7.5 million, allowing more companies to qualify for bankruptcy protection.
Also, Coronavirus payments a business receives under the CARES Act will not be counted as income for the purposes of Chapter 7 or Chapter 13 filings.

Common Questions About Bankruptcy and the New Laws

Our attorneys have provided answers to the above questions and cover additional considerations in this
COVID-19 Bankruptcy blog post
.

Here are several of the most frequently asked questions by our existing business members.

Bankruptcy seems like my best option. Am I right?
Which type of bankruptcy is right for my situation?
Can my LLC file for bankruptcy? If so, which type should I use?
Do I qualify for SBRA bankruptcy?
Do you need an attorney to file for bankruptcy?
Are bankruptcy courts still open?
Who else do I need to contact and am I supposed to keep operating my business after filing?

Is Filing for Bankruptcy the Right Decision?

No matter the circumstances you’re facing, the decision to file for bankruptcy is never easy. If you’d like general information about the above questions, review our new bankruptcy blog post.

If you’d like to speak with a bankruptcy attorney in your area to help you sort through your options and make a decision, 
a small business plan from LegalShield provides unlimited consultation and help filing for bankruptcy. For the cost of one business lunch, you can get the legal support you need.

It goes without saying that bankruptcy is a huge decision that can have personal and professional ramifications for many years. Before you file for bankruptcy, it’s important to make sure it’s the best option for you. Here are a few questions to ask yourself.

Do your debts outweigh your assets by a large margin?
Does my company qualify to file for bankruptcy?
What are the pros and cons as they relate to other options?
Do changes in bankruptcy law due to COVID-19 offer new options I should consider?

Life is scary for a lot of people right now. Millions of Americans have lost their income almost overnight and organizations in virtually every sector are either seeing reduced revenue or have completely lost their ability to conduct business.

If you’re at the point where you’re considering bankruptcy for your small business, know that there are a variety of solutions and you’re in the right place.

The employees and attorneys of LegalShield want you to know that you are not alone. We are committed to remaining open and available to our business members throughout this difficult period, no matter how long it lasts.

Let’s start solving your bankruptcy challenges right now.

Common Questions About Bankruptcy and the New Laws

Here are several of the most frequently asked questions by our existing business members.

Bankruptcy seems like my best option. Am I right?
Which type of bankruptcy is right for my situation?
Can my LLC file for bankruptcy? If so, which type should I use?
Do I qualify for SBRA bankruptcy?
Do you need an attorney to file for bankruptcy?
Are bankruptcy courts still open?
Who else do I need to contact and am I supposed to keep operating my business after filing?

Our attorneys have provided answers to the above questions and cover additional considerations in this COVID-19 Bankruptcy blog post.

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Coronavirus: We Have Answers to Your Business and Employment Law Questions

1 (800) 654-7757

Questions? Give us a call

1 800 654 7757