Although running a business can be very exciting, doing so often comes with a lot of responsibility. Unfortunately, not all entrepreneurs understand how to deal with the financial burdens that come with business ownership. While you may be doing your best to pay back the debt you owe to your creditors, you may find that there’s no way for you to do so without losing your business. If this sounds like your situation, it may be time for you to think about filing for bankruptcy.
Believe it or not, filing for business bankruptcy does not mean that you will lose your business. In fact, it may be one of the only solutions you have that can help you reorganize or eliminate your debt so that you can improve the company’s financial outlook. If you’re a business owner who has been wondering about your options for bankruptcy, read on to discover how filing a petition for Chapter 11 could help you achieve your goals.
1. For those who want to save their business, Chapter 11 bankruptcy can help you restructure your debt and stop creditors from taking certain actions. For example, you may be able to make changes to a loan agreement, reduce a high interest rate, or even recover repossessed property. Because you can also continue to operate your business while you file, you may find that you are able to raise the necessary revenue to pay back your debtors.
2. For those who would like to sell their business, filing for Chapter 11 bankruptcy can help protect both you and the potential buyer. As you begin transferring assets during the sale, the bankruptcy petition can help you do so with a clear conscience that all assets will be cleared of any liens or penalties. Filing for Chapter 11 bankruptcy is not a decision that business owners should take lightly. Because the way you file your petition has the potential to affect your business’ financial future, it’s best to Meet with a Bankruptcy Lawyer in Schaumburg before you do so.
A good attorney will be able to advise you on all of your options and make sure that you are making sound decisions that will get you where you want to go. If you’re considering Chapter 11 bankruptcy, contact Ledford and Wu to Get more info about how you can speak with an experienced bankruptcy attorney about getting your business back on track.
