At The Tracy Law Group, we strive for a flexible and innovative approach to practicing law.
In this era of full service, global law firms, TTLG focuses exclusively on Pacific Northwest people and companies facing financial problems. By concentrating on insolvency related issues, we increase our proficiency and garner deep knowledge of the bankruptcy process and the strategies and needs of each of the constituencies – debtors and creditors, trustees, committees, buyers and sellers.
Chapter 11 Debtors
At The Tracy Law Group, we represent a range of business and individual debtors in Chapter 11 cases.
We believe in the value of the Chapter 11 reorganization process in the right circumstances, where the fundamental business of the debtor is sound and a fresh start is needed. Because Chapter 11 is expensive, not every business in trouble will warrant going through the process. Chapter 11 bankruptcy operates to give the debtor breathing space to formulate and execute a business plan, with a variety of alternatives to utilize in formulating a plan, from sale of assets to reorganization or recapitalization. We view our role as one of the legs of a tripod, working in collaboration with our client and financial professionals to add our legal knowledge and experience.
If you are seeking representation, we will first meet with you to talk about the background of your business, the problems that have caused you to seek the assistance of a bankruptcy lawyer, and your financial assets, liabilities and cash flow. Once we have a preliminary understanding of your business, we can make recommendations about how to proceed and whether Chapter 11 is a good option. If you decide to file a petition, we help you prepare the necessary documentation and work with your financial institution to address financing needs. Throughout a Chapter 11 case, we work with your business and the financial professionals to utilize the Chapter 11 process and its incorporated advantages for debtors in dealing with your creditors, vendors, customers, employees and any other stakeholders. Ultimately, we aim for a plan of reorganization that can return your business to sustainable operations.
Debt Settlement/ Workouts
When faced with a difficult financial situation, bankruptcy need not be your first or only option.
People do not generally go into business or incur a debt without the intent to repay those debts. Often, people feel it is their responsibility to repay creditors at almost any cost. At The Tracy Law Group, we can negotiate with creditors to settle or restructure debts outside of bankruptcy. As a bankruptcy focused law firm, we provide leverage for clients negotiating with a creditor who would receive nothing if a client were forced into bankruptcy. Whether it is a business line of credit with a balloon payment or multiple credit cards, The Tracy Law Group can assist with negotiating a workout with creditors.
Often, an insolvent corporation really does not need to file for bankruptcy protection.
The Tracy Law Group provides counseling and planning for insolvent corporations, assisting them in managing the efficient liquidation of their remaining assets and distributing the proceeds fairly to their creditors. In recent years, Chapter 7 has become a more favored option in some cases, because debt collection practices have become so aggressive that bankruptcy may be necessary. We help our clients evaluate the best way to shut down a failing business so as to minimize problems and salvage as much value as possible.
During the Great Recession we acted as counsel to dozens of companies. Through this process, we successfully shepherded the sale of assets, including the sale of intellectual property in appropriate circumstances. These transactions are rarely publicized, but we believe that our clients often receive the best possible outcome by avoiding the judicial process.