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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