There may come a time when you realize that a bankruptcy filing is the best way to get your business back on solid ground. While this alone is unable to fix a broken business, it may give you the space you need to make key changes with the hopes of a better future.
Here are some of the most important business bankruptcy questions to address before moving forward with a filing:
- Will you still be able to work with your current suppliers?
- Do you have the option to sell your business during the bankruptcy process?
- What are the pros and cons of Chapter 7 and Chapter 11 bankruptcy?
- What is expected of you and your business during a bankruptcy filing?
- What processes can you follow in the future to prevent the same financial problems?
These are not the only business bankruptcy questions to address, but they are definitely among the most important. The answers will help you better understand what to do next.
At our law firm, we know that most business owners don't understand the finer details of the bankruptcy process. This is why we do our best to step in and answer questions and provide practical advice to help clear the air.
Just the same as individuals, there are times when a company has no choice but to turn to bankruptcy. There are many ways this can benefit a business, such as the ability to reorganize debt and eliminate creditor harassment. If you find that bankruptcy could be just what you need, it makes sense to learn more and to compare it against your other options.