A Look at Business Bankruptcy

Unlike individual petitioners, businesses cannot file for bankruptcy without consulting with a business tax lawyer serving Wichita . Failure to seek business attorney representation can lead to charges of unlawful practice of law. However, before consulting with a lawyer, the business needs to gather certain pieces of financial information.

In this video, a business attorney explains what kind of information a business needs to gather for its lawyer. For example, the business needs to collect copies of tax returns, profit and loss statements, accounts receivable, inventory, and the names and addresses of the creditors. The attorney uses this information to prepare the bankruptcy schedules and petition to file with the court. Thirty days after filing the petition, a trustee will look into the business’s assets, liabilities, and accounts receivable. The trustee will also review tax returns and income statements.