Meridian Business Bankruptcy Attorney

At Foley Freeman, PLLC, our Meridian business bankruptcy lawyer invests the time, resources, and attention to detail to help financially distressed companies in Ada County find the best solution. Our team is proactive, and we are here to solve problems. If you have any questions about business bankruptcy, we are here as a legal resource. Contact us at our Meridian law office today for a fully confidential initial consultation with a top Idaho commercial bankruptcy lawyer.

An Overview of Business Bankruptcy in Meridian, Idaho

Even great companies can run into serious financial challenges. There may be a point when bankruptcy is the best (or only reasonable) path forward. Business bankruptcy is handled in federal court under the United States Bankruptcy Code. Companies in Meridian file through the United States Bankruptcy Court for the District of Idaho, Boise division. Bankruptcy can be either liquidation or reorganization. Here is an overview of the two main commercial bankruptcy options for companies in Meridian:

Chapter 7 Business Bankruptcy: Chapter 7 is liquidation. A trustee takes control of the business, sells available assets, and distributes proceeds to creditors. Once the process ends, the company ceases to exist. In other words, it is closed down and likely resolved. We help businesses in Meridian navigate the Chapter 7 bankruptcy process.
Chapter 11 Business Bankruptcy: Chapter 11 allows a business to reorganize debt while continuing operations. Management generally stays in place as a “debtor in possession” and proposes a repayment plan. Subchapter V is effectively a specialized, more efficient form of Chapter 11 that is designed for small businesses. With Chapter 11, the goal is for the business to shed overly burdensome debts and come out the other side financially healthy.

How Our Meridian Business Bankruptcy Lawyers Can Help You Prepare

Filing for business bankruptcy requires planning. Our Meridian business bankruptcy lawyers evaluate financial records, contracts, secured loans, and personal guarantees before recommending the right chapter. We prepare the necessary petitions, schedules, and disclosure statements to ensure compliance with federal and Idaho law. For Chapter 11 and Subchapter V cases, we help design a feasible reorganization plan that preserves operations and addresses creditor claims. Our Meridian, ID business bankruptcy lawyer provides truly comprehensive legal representation.

Why Trust Foley Freeman for a Commercial Bankruptcy in Ada County

Commercial bankruptcy is complicated. For companies, the right legal representation can make a big difference. At Foley Freeman, PLLC, we have the experience you can count on. You can learn more about the firm and contact us directly with questions about a business bankruptcy case. Along with other things, our Meridian commercial bankruptcy lawyer will:

Conduct a comprehensive review and evaluation of your case;
Gather and organize all of the supporting business/financial records;
Handle all of the Chapter 7 or Chapter 11 bankruptcy paperwork; and
Develop a strategy focused on helping you secure the best possible outcome.

Meridian Business Bankruptcy: Frequently Asked Questions (FAQs)

Can a Meridian business stay open during bankruptcy?

It depends on the type of commercial bankruptcy. If the case is filed under Chapter 11 or Subchapter V, the business continues operating while debts are reorganized. On the other hand, with Chapter 7 bankruptcy, the company will close down its operations.

Will business bankruptcy affect personal finances?

The business structure is the key issue that will affect this question. Owners of corporations and LLCs usually have limited liability. On the other hand, sole proprietors in Meridian remain personally responsible for business debts.

How are creditors prioritized in Chapter 7 business bankruptcy?

Secured creditors are paid first from collateral. Remaining funds are distributed to priority unsecured creditors, then to general unsecured creditors. Other issues can arise as well, such as paying things like employee wages (which take priority).

What is the debt limit for Subchapter V eligibility in Idaho?

As of 2025, businesses with debts under $7.5 million may file under Subchapter V. At least half of the debt must arise from business operations. If you have any questions about whether your company is small enough to file under Subchapter V, our Meridian lawyers can help.

Contact Our Meridian, ID Business Bankruptcy Lawyer Today

At Foley Freeman, PLLC, our Meridian business bankruptcy attorneys put clients first. We handle both Chapter 7 cases and Chapter 11 cases. If you have any questions about commercial bankruptcy, please do not hesitate to contact us today for a confidential initial consultation. With an office in Meridian, we provide business bankruptcy services in Ada County and throughout the broader region.

Testimonials

Mark Freeman and the Team at Foley Freeman have assisted my family & me with personal and business matters for many years. They have always provided a service that is friendly and welcoming, while implementing a professional, diligent service. They have assisted us with matters such as defense, estate planning, Buy Sell Agreements, liquidation negotiation and purchases, real estate ventures, and lien filings. I would highly recommend the team at Foley Freeman for any of your legal needs.

Keith Lewis

I’ve had the pleasure of working with the attorneys at Foley Freeman PLLC for more than twenty years. They have professionally and successfully represented my interests in personal and business matters, including assisting with business purchase and sale agreements, contract reviews, estate planning, and arbitration issues. I recommend them without hesitation.

Steve Sedlacek

Mark Freeman is our most trusted attorney for all of our estate planning needs. He and his staff were of the utmost professionalism and walked my wife and me through all the steps to make sure we had our assets, including properties in multiple states, our life insurance, and money protected for our children and future family legacy. He answered every question we asked, and even addressed issues that could come up that we hadn’t thought of. I highly recommend Mark for any estate planning needs.

Steve Angiolini

Foley Freeman was amazing to work with! We have never needed legal counseling before and contacted them with time-sensitive needs. They were very kind, eager, and thoroughly explained everything to us. We were not pressured to make decisions or made to feel that our “small” legal issue was a waste of their time. Highly recommend their services to anyone with any legal needs.

Candice M. Sumner

I just want to say thank you. This was the first time I have ever hired a lawyer, and I must say that I made an excellent choice when I went with you. You were very prompt in responding to my queries and did an excellent job. I will definitely recommend you to anyone in need of a lawyer.

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