Bankruptcy

It's not for everyone

There are many alternatives to bankruptcy and they should be explored before making your decision. This is why at Marc R. Tow & Associates we make sure to educate our clients before moving forward with their case.

Business Solutions

Turn your business around

Filing for bankruptcy is not the appropriate business decision for every financially troubled entity. Marc R. Tow & Associates has decades of experience providing comprehensive solutions to resolving business insolvency.

Debt Settlement

A simple process

We offer a program wherein we negotiate with your creditors/CA in order to settle the debt for less than what you owe. We charge an upfront fee that can be paid through a payment plan if you wish.

Assignment for Benefits of Creditors (ABCs)

Guidance Through Bankruptcy Alternatives

Filing for bankruptcy is often a decision made when a business is irretrievably insolvent. However, the bankruptcy lawyers at Marc R. Tow & Associates evaluate the business, its assets and liabilities, and the underlying cause of financial distress in order to assess whether alternative means for liquidating assets are available, such as an Assignment for the Benefit of Creditors. The firm has extensive experience representing debtors and bankruptcy creditors in assignment procedures. The skill and experience of the firm can be retained by contacting us today.

What is an Assignment for the Benefit of Creditors?

An Assignment for the Benefit of Creditors (ABC) is a California state law alternative to liquidation under Chapter 7 bankruptcy law. In an assignment, the business (the assignor) transfers all of its assets and liabilities to another individual or business (the assignee). The assignee then proceeds to sell or liquidate the assets in a commercially reasonable manner. This procedure is commonly used to facilitate a sale of a distressed business entity to another business entity.

The law office of Marc R. Tow & Associates is experienced in implementing Assignments for the Benefit of Creditors. The lawyers guide both assignor and assignee through this liquidation process. The firm effectively structures the assignment contract in advance, obtains secured creditor approval when necessary, and facilitates the assignment procedure.

What are the Benefits of ABCs?

An Assignment for the Benefit of Creditors is an appealing option for debtors because it may serve to better preserve the going concern value of the assets involved, and achieve resolution faster and more economically than traditional bankruptcy liquidation. It is often attractive for secured creditors because an assignment saves the creditor the time and expense of proceeding with a foreclosure sale or suffering the time delays often associated with bankruptcy liquidation.

Marc R. Tow & Associates recognizes that filing for bankruptcy may be a timely and costly process. Therefore, the firm provides representation to clients through Assignment processes. To retain the assistance of the experienced Newport Beach bankruptcy attorney, contact Marc R. Tow & Associates today.

Reputable, Trusted, Experienced

Marc R. Tow & Associates has decades of knowledge and experience practicing bankruptcy law. Marc Tow has taught and lectured extensively on bankruptcy law including several lectures or seminars involving Assignment for the Benefit of Creditors. To schedule a consultation with Marc Tow, contact us today.

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