Business Bankruptcy and Insolvency in NJ
Put simply, business insolvency in NJ means you can no longer meet financial liabilities as they fall due. In other words, you don’t have enough assets to cover your debts.
At Levitt & Slafkes, our attorneys are experienced in helping businesses navigate insolvency proceedings in NJ. Our two founding partners, Bruce Levitt and Shelley Slafkes, work together with New Jersey business clients to find the right solution to their debt concerns.
Contact us online today and we will respond promptly.
Options for Declaring Insolvency in NJ
There are many options available to our business clients, including direct negotiations with banks, landlords and other creditors; formal reorganization proceedings; and structured liquidations.
Our team will help you identify the right approach for your insolvency declaration, based on your particular business needs. Here is some insight into how we might help.
- Negotiations: We often work with our clients’ creditors to negotiate debt reorganization for their business. When appropriate, this can be a cost-effective approach for reducing commercial debt. Sometimes, it may even be possible to avoid company insolvency in NJ.
- Chapter 11 bankruptcy: Chapter 11 lets businesses reorganize or liquidate with court supervision and approval. We work with businesses to help them through the complex Chapter 11 process, from filing for bankruptcy to reorganizing business assets.
- Chapter 7 bankruptcy: The sole purpose of a Chapter 7 business bankruptcy is to liquidate assets. In the case of a business insolvency in NJ, the appointed trustee reviews the business records and pursues collections and other causes of action on behalf of the creditors of the business. We have the experience to help you navigate the process.
- Chapter 13 Bankruptcy: Individuals who operate businesses as sole proprietors can utilize Chapter 13 to either reorganize debts or liquidate assets.
- General assignment for the benefit of creditors: Another option for businesses under New Jersey law is an assignment proceeding. During these proceedings, the business and its attorneys choose “an assignee” and the business assets are liquidated. The assignee uses the proceeds of the sale to pay off creditors. Attorney Bruce Levitt has served as assignee in many of these proceedings.
What Is the Average Cost to File Bankruptcy in NJ?
It’s difficult to provide an estimate––the exact cost often varies and depends on:
- whether it’s a Chapter 7 or Chapter 11 procedure
- attorney fees
- number of assets
- number of creditors
Our team can provide you with a more accurate estimate after learning about your needs.
Get Help With Bankruptcy and Insolvency in NJ
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.