Chapter 11 bankruptcy can prove beneficial to businesses, individuals and the community. Without the ability to file a Chapter 11 bankruptcy, owners may not be able to sell their business, employees may lose their jobs, and contractual obligations may remain unfulfilled.
New Chapter 11 process for small businesses proposed
Chapter 11 bankruptcy can provide an important route forward for businesses that are struggling with debt. However, companies can encounter challenges when it comes to pursuing this route. Some argue that this may especially be the case for small businesses.
How do I know if Chapter 11 is right for me?
Your business has been struggling, and you now have debt that seems insurmountable. You have considered filing Chapter 11 bankruptcy, but you do not know if it is the right choice for you. Bankruptcy is a very useful tool for individuals and businesses that wish to discharge their debts and start over with a clean slate. If you are wondering whether to file Chapter 11, these are a few ways to determine whether this option is right for you.
Bankruptcy may be the right choice, but what bankruptcy?
No business owner wants to admit that bankruptcy is the best way to resolve unmanageable debt, but for many, that decision ultimately must be made. That creates another decision: what bankruptcy is best for your small business?
Out Of Court Reorganziation
I just finished helping a Southern California business wind down its affairs and resolve matters with its creditors without a bankruptcy filing. The creditors did far better than they would have in a bankruptcy. We created a soft landing for the business, its owners and its creditors. Did so using a technique I created and have used multiple times with great success. If your business is having financial challenges, hiring an experienced and creative debt restructing lawyer can make all the difference in the world and save you many sleepless nights.
These companies bounced back and so can you
American Airlines, Kodak, General Motors; household names with one crucial thing in common -- all three have filed for Chapter 11 reorganization.
Benefits of reorganizing
Does your company need some assistance during a rough patch that's leaving you with unmanageable debt? A reorganization of your business through the Chapter 11 bankruptcy process may be in order.
Mixing personal and business assets: Signs of financial stress
Starting a new business is hard and it's nervewracking. While you didn't plan to fail, you also didn't fail to plan. As a sole owner, you no-doubt looked into the various start-up options to determine which tax entity would offer you protection from personal tax liabilities, as well as asset protection in the event of bankruptcy.
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