Business Bankruptcy Basics

York Gaskill • October 23, 2020
business bankruptcy attorney
The current coronavirus crisis has had a shocking effect on our lives in so many ways. Shutdowns, lockdowns, and restrictions have put many businesses, both large and small, in financial trouble. For many businesses, bankruptcy has become the only option.

According to the New York Times:
"Edward I. Altman, the creator of the Z score, a widely used method of predicting business failures, estimated that this year will easily set a record for so-called mega bankruptcies — filings by companies with $1 billion or more in debt. And he expects the number of merely large bankruptcies — at least $100 million — to challenge the record set the year after the 2008 economic crisis."

Small Business Bankruptcy

At York Gaskill, LLC, our bankruptcy practice focuses on helping small businesses that have not been financially successful wind down operations. Typically, this is done through a Chapter 7 business liquidation bankruptcy and is designed to assist that business owner with consolidating his or her business issues in a single place – the bankruptcy.


Often times, the small business owner whose business has run across difficult times also has financial problems, generally arising because the business owner has personally guaranteed obligations of the business or has borrowed money personally to put into the business in an effort to keep the business financially solvent. Therefore, the business bankruptcy is often accompanied by a personal bankruptcy of the business owner.


We understand how difficult these situations can be and strive to help the business owner through the difficult process of winding down an unsuccessful business and aim to provide this representation in a kind, compassionate and respectful way. A temporary set back is never a barrier to great achievement in the future. 

Hire A Professional Bankruptcy Attorney

If you feel that bankruptcy is the best option for your business, be sure to hire a trusted bankruptcy attorney with specific experience in business bankruptcies. At York Gaskill, we represent a wide range of small, medium size, and larger businesses and corporations in their bankruptcy filings. We invite you to call or email us directly to discuss your current financial situation. Our team is always here to help. 

 Transfer on Death Deeds in Georgia
By Gaskill, Bell & Preston July 16, 2026
Learn more about Transfer on Death Deeds in Georgia, how they work, and the benefits of having one. We assist families in Georgia with estate planning and more.
By Gaskill, Bell & Preston June 25, 2026
Learn more about Georgia boating under the influence (BUI) laws and how to protect your rights. We can help with BUI issues or other boating accident and legal issues.
real estate investor tips
By York Gaskill March 6, 2026
A 1031 exchange allows an investor to defer capital gains taxes when selling certain real estate and purchasing qualifying replacement property. Learn more in this post.
revocable vs irrevocable trusts
By York Gaskill February 20, 2026
Estate planning is an important step for protecting your assets. Learn more about the two of the most common types are revocable trusts and irrevocable trusts.
burden of proof
By York Gaskill October 18, 2023
Learn more about the burden of proof in civil lawsuits. In order to be successful in a civil lawsuit, the plaintiff needs to prove that the allegations are true and that the defendant is responsible for causing damages.
purpose of demand letter
By York Gaskill October 18, 2023
Learn more about what a demand letter is, its purpose, and its benefits. The team at York Gaskill are skilled at crafting effective demand letters for clients
reducing liability risks
By York Gaskill October 18, 2023
For brick and mortar businesses, premises liability is normally always an area of serious concern. Minimizing risks helps to protect your business and your financial future. Here are 4 tips for reducing premises liability risks for small business owners.
reducing traffic violations
By York Gaskill September 10, 2021
One of the risks that drivers face every day is traffic violations. Fortunately, there are many things that drivers can do to help reduce their risk of receiving a traffic violation on the road. Here are 4 tips.
punitive damages - personal injury
By York Gaskill July 27, 2021
Learn more about punitive damages, why they are important, and how to fight for them.
personal injury consultation preparation
By York Gaskill March 17, 2021
Preparing for a personal injury consultation may seem a bit intimidating. Here a few tips for preparing for a personal injury consultation to help the process flow smoothly.