Considering Bankruptcy for Your Business
All businesses, at one time or another, experience a ‘rough patch’. Sometimes all you need is time – time to re-evaluate and reorganize your business, time to focus on growth, efficiency, customer service, sales and relationships.
Questions to think about:
- Is it getting more difficult for you to meet your financial obligations?
- Are your vendors getting impatient and making it harder to do business?
- Have you fallen behind on your taxes?
- If you had the time to restructure – how would you change things?
- Are you up for the challenge?
- Are you ready to steer your business through these tough financial waters?
- Are you ready to consider bankruptcy?
Chapter 11 may be the solution for your business. Your business under the protection of bankruptcy’s Automatic Stay – buys you time, up to twelve months to correct past mistakes, reorganize/restructure your business to increase sales, improve efficiency and be profitable.
Chapter 13 also under the “Automatic Stay” protection on a smaller scale, with different restrictions and timelines. It is always recommended not to wait too long because Chapter 11 and 13 are federal laws designed to offer viable businesses time to reorganize and prosper.
It’s best, when considering bankruptcy, to seek out an experienced, board certified business bankruptcy attorney for a free consultation to get a clear understanding of the process, what to expect and what is expected of you in order to be successful.
Are you ready? We are ready to help.