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Claudia Springer and James Britton of Reed Smith Claudia Springer and James Britton of Reed Smith

The federal bankruptcy process, or even the looming threat of a bankruptcy, can be of enormous utility to a struggling business. In addition to the ability to restructure debt, the bankruptcy process affords businesses certain legal rights and protections that can be invaluable in securing sufficient time to attempt to turn things around or conduct an orderly liquidation of their assets. Because the process can be expensive and often time consuming, creditors are incentivized to attempt to come to an amicable resolution of their claims in order to avoid a filing.

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