Assignments for the Benefit of Creditors

Finding Alternatives to Bankruptcy

Sometimes when a business is irreparably insolvent, the only option is to file for Chapter 7 or Chapter 11 bankruptcy to free a business or individual from overwhelming liabilities. At Robinson, Diamant & Wolkowitz, we take the time to investigate a business's assets and liabilities to determine whether alternative means are more likely to obtain desired results. One such alternative to bankruptcy is as an Assignment for the Benefit of Creditors (ABCs).

Located in Los Angeles, our team of attorneys is available to help you avoid the obstacles associated with bankruptcy.

Bankruptcy Alternatives — Assignment for the Benefit of Creditors

When a business experiences financial difficulty and wants to liquidate its assets, an Assignment for the Benefit of Creditors can resolve matters without the expense and time often associated with bankruptcy proceedings. Under this process, the debtor transfers ownerships of all assets to a third party, called an assignee. The assignee will then sell the assets and pay creditors equally from the sale proceeds.

Our team of lawyers can represents all parties through the various stages of an Assignment for the Benefit of Creditors. Our firm works to provide effective and efficient representation in all stages of the process.

Debtors who want to protect the value of their assets and obtain efficient and effective resolution to financial problems may want to consider this as an alternative to Chapter 7 or Chapter 11 bankruptcy.

At Robinson, Diamant & Wolkowitz, we will review your financial situation and help you determine whether an Assignment for the Benefit of Creditors is the right option for your business.

To find out more about this bankruptcy alternative, call 310-277-7400 or e-mail our law office in Los Angeles.