Bankruptcy as a path out of debt
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20% of small businesses fail in their first year0%


Half within 5 years0%

And that was before COVID-19.


The impact of the social isolation measures put in place during the pandemic is placing a heavy toll on small businesses like yours.


We are a law firm that focuses our practice on working with small and medium-sized businesses to help them navigate financial crisis.  Lost revenue and growing expenses do not have to mean closing your doors.  We know what to look for and what tools to offer as we guide your business to a successful reorganization.



We could offer you a lifeline.

What should I expect?

  • 1

    Schedule an assessment

    The first step is to look at the numbers and understand your unique business problems. We will sit down together and look at your company. If we don't think that bankruptcy is right for your business, we won't hesitate to tell you. This initial consultation is always free.

  • Create a plan together

    Next, we'll pore through your company's financials together and prepare a bankruptcy petition that describes your financial situation. Together we look at how your business can survive and if we can, work out a plan that you can afford to get your company out of debt and successfully reorganize.

  • Reorganize your company and eliminate debt

    It we both think it is the right move, we file your bankruptcy case, work with the trustee and your creditors, and will lay the foundation to help you get to a new, more stable company.

You know what makes your business tick.  We know bankruptcy.


We are experienced North Carolina lawyers led by Board Certified Business Bankruptcy Specialist Jim White.   Jim has been recognized by his peers as one of the top business bankruptcy lawyers in North Carolina (in the Legal Elite), as well as one of the top civil litigation lawyers in the state (in Super Lawyers).


Our firm uses the law to help individuals and businesses of all sizes navigate difficult financial situations.

Call us at 919-246-4676 to talk about what your business needs.


Bankruptcy is an extreme step and it might not be something you want to consider.  But you did not get where you are by putting your head in the sand.  We offer initial assessments at no cost to you — and there is no obligation on your part.  We sit down together, discuss your situation and brainstorm what makes the most sense.

    You have options.  You owe it to yourself to learn what they are.


    You did not build you business by looking for easy solutions, and promises of quick fixes will not get your business back on track.  Bankruptcy offers debt protection that is backed by the federal courts — once the court approves your plan, your creditors have to accept it.


    But the first step is realize you are not alone, and that building a relationship with a trusted advisor offers the best hope for your company’s future.  Then, explore your options.


    Chapter 11, Subchapter V - A new law that offers hope for small businesses

    Open Shop

    The CARES act with its PPP and EIDL loans has offered some relief, but the recently enacted Small Business Reorganization Act (“SBRA”) made substantial changes to the bankruptcy code to allow small businesses to restructure their business, reduce or eliminate debt and emerge as a successful enterprise.


    This new law amends Chapter 11 of the US Bankruptcy Code by creating Subchapter V, an alternative route for bankruptcy cases that small business debtors can elect to apply. Subchapter V gives the debtor control over his business after declaring bankruptcy, empowers the debtor to design and control the repayment plan, streamlines the entire bankruptcy process, and grants the debtor a trustee that is an ally, rather than an adversary. Subchapter V’s procedural provisions establish a smarter, faster, and cheaper bankruptcy process that just might save your business.


    Chapter 11 reorganization is a form of bankruptcy where the debtor is given the opportunity to restructure its debts and form a new payment plan to creditors. Generally, Chapter 11 reorganization seeks to help the debtor get out from under unbearable debts and create a plan to start over without liquidating the company. Chapter 11 bankruptcy has traditionally been a difficult path or small businsesses because it can be complex, expensive, and lengthy. As a result, the majority of successful Chapter 11 cases had been brought by large corporations.  However, with the passage of the Small Business Debt Reorganization Act, Subchapter V makes Chapter 11 bankruptcy smarter, faster, and cheaper, allowing small businesses to reorganize under Chapter 11 and potentially save their businesses. If for some reason they choose not to elect Subchapter V treatment, small business debtors can still will follow the established, more cumbersome, procedures of Chapter 11 reorganization. But once Subchapter V is elected, the small business friendly provisions will override the standard Chapter 11 rules and govern the bankruptcy.



    Chapter 7 - An orderly liquidation

    It is rare for corporations and LLC to file Chapter 7 bankruptcy, since there is little benefit to their doing so.  Businesses do not get a discharge of debt, and simply shutting the doors and winding down is usually as effective.  There are some times, particularly when a business has substantial tax debt, when a Chapter 7 can ensure that priority debts are paid in a liquidation.


    For individuals operating as sole proprietors, though, Chapter 7 can offer a way to eliminate debt and move forward.  Likewise
    Chapter 13 bankruptcy can offer sole proprietors a way to reorganize that is far less expensive than Chapter 11 offers corporations and LLCs.

    Personal bankuptcy - Protecting your assets and dealing with guarantees

    Sometimes business owners have signed personal guarantees agreeing to pay for partnership or corporate business debt.  Personal liability can be wiped out by filing for Chapter 7, Chapter 13, or Chapter 11 bankruptcy in their own name.

    Call us at 919-246-4676.  Tell us about what’s going on. We’ll tell you how we can help.

    We are a debt relief agency under federal law. We help people and business file for bankruptcy relief under the Bankruptcy Code.


    100 Europa Drive, Suite 401 Chapel Hill, NC 27517 919-246-4676