To determine which stage you are in the Life of Bankruptcy, hover over the below and click for more insights.

Restructuring
Restructuring
All the king’s horses…
A business confronted with a sudden (or not so sudden) financial distress need to assess its options and seek a way forward

Phase I
Phase I
Houston We Have a Problem!
A business or individual begins to confront the very real implications of increased debt and persistent legal proceedings. Choices must be made to sustain the business and avoid a bankruptcy filing.

Phase II
Phase II
We’re from the Government and we are here to help.
The path has been chosen, bankruptcy, planning need to occur to choose a path forward and develop a vision of life after financial distress.

Phase IIIa
Phase IIIa
Thanks for the memories.
Chapter 7, the assets will be liquidated and distributed to satisfy claims of creditors. The debtor business will cease to exist.

Phase IIIb
Phase IIIb
We can fix this…
Chapter 11, the business with restructuring or be sold as a going concern, ownership may be changed, and obligations resolved. The business will try to emerge with a fresh start.

Phase IV
Phase IV
Exhale
The bankruptcy is over a fresh start is at hand, the business can move forward and prosper.

Ancillary Issues
Ancillary Issues
Just when you thought it was safe…
Bankruptcy and restructuring is a legal process with a foundation in equity, there are opportunities and pitfalls for all concerned as a case progresses.
Restructuring
A business confronted with a sudden (or not so sudden) financial distress need to assess its options and seek a way forward.
Read our insights on the restructuring phase below.

Before Bankruptcy: Tips For Regrouping With Your Lender

Filing for Bankruptcy: Considerations for Small Businesses
Listen to our podcast episode on Restructuring –Bankruptcy Cliff: Bankruptcy Alternatives
In this episode of Perspectives from the Bankruptcy Cliff, Stephanie Danosinterviews Ken DeGrawof Withum’s Forensic and Valuation Servicesgroup about bankruptcy alternatives.
Phase I – Planning
A business or individual begins to confront the very real implications of increased debt and persistent legal proceedings. Choices must be made to sustain the business and avoid a bankruptcy filing.
Read our insights on Phase I – Planning below:

The Bankruptcy Process Part I: Planning for the Filing

Top Questions on Bankruptcy for Small Businesses
Listen to our Bankruptcy Cliff podcast episodes around Phase I – Planning:
Phase II – Filing
The path has been chosen, bankruptcy, planning need to occur to choose a path forward and develop a vision of life after financial distress.
Listen to our Bankruptcy Cliff podcast episodes relating to Phase II – Filing:
Debt Discharge and the Automatic Stay
In this episode of Perspectives from the Bankruptcy Cliff, Sareena Sawhneyinterviews John LiskaofWithum’s Forensic and Valuation Servicesgroup about debt discharge and the automatic stay.
Pre-Bankruptcy Planning
In this episode of Perspectives from the Bankruptcy Cliff, John Liskainterviews Missy Urban ofWithum’s Forensic and Valuation Servicesgroup about pre-bankruptcy planning.
Phase IIIa – Chapter 7
Chapter 7, the assets will be liquidated and distributed to satisfy claims of creditors. The debtor business will cease to exist.
Read our insights on Phase IIIa – Chapter 7 Bankruptcy:

Bankruptcy Process Part III – The Process, Chapter 7
Chapter 7 Bankruptcy ends in liquidation. It is a reasonably quick process concluding in the filer’s discharge (individuals), meaning their debt, and their business no longer exists.
Learn More About Chapter 7 Bankruptcy
Phase IIIb – Chapter 11
Chapter 11, the business with restructuring or be sold as a going concern, ownership may be changed, and obligations resolved. The business will try to emerge with a fresh start.
Read our insights on Phase IIIb – Chapter 11 below:
Chapter 11 Bankruptcy ends in a company’s reorganization. It is typically a lengthy, tedious and costly process that is usually reserved for big businesses.
Learn More About Chapter 11 Bankruptcy
Phase IV – Discharge and Emergence
The bankruptcy is over a fresh start is at hand, the business can move forward and prosper.
Listen to our Bankruptcy Cliff podcast episode on discharge and emergence: Emergence from Bankruptcy
In this episode of Perspectives from the Bankruptcy Cliff, Ken DeGraw interviews John Liska of Withum’s Forensic and Valuation Services group about emergence from bankruptcy.
Ancillary Issues
Bankruptcy and restructuring is a legal process with a foundation in equity, there are opportunities and pitfalls for all concerned as a case progresses.
Listen to our Bankruptcy Cliff episodes around ancillary bankruptcy issues:
contact a member of Withum’s Forensic and Valuation Services Group.
Insolvency, Bankruptcy and Receivership Services