How to Begin Filing a Corporate Lawsuit

Starting a business is always a risky venture. You may have an excellent product, good financing, a sound marketing campaign, and a ready market. However, things can go terribly wrong. Market conditions in general can take a turn for the worse or you can be outdone by rivals. The failure of your business may also be the result of a breach of contract. If the bad faith or illegal action of a business partner or supplier has sent your company into financial ruin, bankruptcy lawyers in Hopewell VA can help.

Filing for Bankruptcy

If your company is in extreme financial difficulty, you may need to file a Chapter 11 bankruptcy. This type of bankruptcy will allow your company to restructure its financial liabilities. You will be able to consolidate your outstanding debts and decrease the number of payment obligations. Filing Chapter 11 will give you 4 months to submit a repayment plan.

Filing a Corporate Lawsuit

Part of your plan may be to claim damages from another company. To do so, you will need to file a corporate lawsuit. If the party you are suing has clearly breached the contract you had with them, then you will have a good case.

Speaking with your bankruptcy lawyer is the best way to start this process. They will help you gather the evidence necessary to prove the wrongdoing of the other party. They will help you file the necessary paperwork for the lawsuit. And they will advise you on how to integrate the lawsuit into your Chapter 11 bankruptcy.

Canfield Wells employs bankruptcy lawyers in Hopewell VA who can help guide you through the financial crisis that your company faces. They will ensure that your team has a complete understanding of how the company’s rights under Chapter 11. Canfield Wells will also guide the company through the complex process of filing a lawsuit against the company whose actions contributed to your financial failure.