Small Business Bankruptcies

Whether stemming from an unexpected market downturn, withheld payment for services rendered, or unexpected life emergencies, such as an illness of one of its principals, many businesses will experience financial difficulties at some point in time.  When situations like these arise, a qualified bankruptcy attorney can work with you and your organization to examine your financial situation and explore all the available options for managing debt so that you can resume normal business operations as soon as possible.

Since 1990, the Law Office of B. David Sisson has been helping small businesses in Oklahoma with their debt and bankruptcy matters.  Founder of the firm Byron David Sisson is certified as a specialist in consumer bankruptcy law by the American Board of Certification.  Mr. Sisson has extensive experience assisting individuals and businesses in a wide assortment of bankruptcy matters, including Chapter 11 bankruptcies, consumer bankruptcies, and bankruptcy litigation and appeals.

Chapter 11 Bankruptcy

In a Chapter 11 bankruptcy filing, businesses are generally permitted to continue operating while the debtor files a reorganization plan with the bankruptcy court.  The court must ultimately approve this plan, but once approved the debtor may be able to restructure debts and make payments over an agreed-upon length of time.  Depending on the debtor's specific circumstances and debts, the debtor may also be able to terminate certain burdensome contracts or leases.

Unlike other types of bankruptcy filings, in Chapter 11 the trustee appoints a creditor's committee to assist in the formulation of a reorganization plan.  In addition, with respect to small business debtors, the trustee exercises greater oversight, meeting with business owners and monitoring their activities during the filing process. 

An experienced bankruptcy lawyer can evaluate your case, gather relevant information, and guide you through each step of the complex bankruptcy process.  To find out how we can assist you or your organization, contact the Law Office of B. David Sisson today for a no obligation consultation.