It is not uncommon for small businesses to file for bankruptcy. While your company may be on the brink of bankruptcy, that doesn’t mean that it needs to be dissolved. Working with a small business bankruptcy attorney can give you a chance to save your business and take it in a new direction that is more profitable. You took a big risk starting a business, and bankruptcy can be the tool to make sure that it survives and keeps moving forward. Here is what the team at Kain + Henehan wants you to know about working with a small business bankruptcy attorney to protect your company’s future.
Your Small Business Has Several Bankruptcy Options
Just like individuals, small businesses have several options when it comes to bankruptcy. Which one you choose can make a big difference in how your business moves forward. In your case, filing for Chapter 11 bankruptcy may give you the best results.
Chapter 11 bankruptcy creates a restructuring plan for your business so that it becomes profitable while paying off debts. The best part of it is that your business can continue operating during the bankruptcy process so that there is still revenue to work with. If your business has steady revenue but is underwater on debts, then this might be your best option.
In other cases, you may file for Chapter 13 if you are a sole proprietorship. Chapter 13 helps you repay debts if you don’t have a lot of creditors and can be more effective than Chapter 11 in some cases.
Otherwise ,you may need to file a Chapter 7 bankruptcy. However, Chapter 7 liquidates the business’ assets, and you have a higher chance of going out of business than with the other options.
Working With a Small Business Bankruptcy Attorney is the Key
Before you make any filings, talk to a small business bankruptcy attorney. They can not only help you choose the right form of bankruptcy for your needs, they can also help you through the process. Making mistakes in bankruptcy can be costly, but getting it right could save your business altogether.
An experienced bankruptcy attorney can work with you to not only manage your business’s finances but also find ways of reducing what you owe to creditors through effective negotiation and working with the court. Going through such a difficult process without legal help is not a good idea and can lead to the end of your business.
Call Kain + Henehan to Get Help
There are many avenues to seek small business debt relief, but bankruptcy is the most powerful option. It can not only reduce what you owe but essentially guarantee that you are debt-free in a set amount of time if you follow the plan. Work with skilled bankruptcy attorneys to make sure that your business has the support it needs to survive and move forward. Contact Kain + Henehan by calling (612) 438-8006 or filling out the online form so we can work through this process together.
