Commercial bankruptcy is a viable option for businesses who find themselves unable to pay their bills. There are laws in place to protect businesses and their owners, and some of the biggest, most reputable corporations in the world have filed for bankruptcy over the years. At Greene Law PC in Farmington, Connecticut, one of their areas of practice is bankruptcy representation for both businesses and individuals.

What types of bankruptcy are there?

• Chapter 7 Bankruptcy: Chapter 7 is one of the main types of bankruptcy for businesses. Under chapter 7, a commercial enterprise's debts are wiped away, but assets must be sold to meet as many debts as possible first. Unfortunately, once a business files for chapter 7 the business will cease to exist afterward, so this type of bankruptcy should only be filed as a last resort.

• Chapter 13 Bankruptcy: Chapter 13 is geared towards individuals  who are behind on their mortgage or owe taxes and want to stay in their home. Under chapter 13, the debtor's bills are reorganized and paid back within a specific timeframe.

• Chapter 11 Bankruptcy: Filing for bankruptcy under chapter 11 is not common, but it is possible. Businesses in chapter 11 reorganize their debts and stay in business. Greene Law PC has helped many businesses reorganize and is available to help your business make it in this economy.

If you are considering filing for bankruptcy, call Greene Law PC at (860) 676-1336 or visit their website to book your first appointment. They are a hands-on law firm committed to helping you succeed and weather the storms of commercial-related debts.