Such circumstances have the power to frighten any entrepreneur, because they immediately envision bankruptcy, a phenomenon that has the power to destroy any company from the ground. Still, it is relevant to mention that corporate insolvency, as this phenomenon is called, does not always have to end up in bankruptcy. Luckily, there are other means to resolve this issue and here are some examples of such solutions: negotiations with creditors, reanalyzing cash flow, debt reconstruction, asset liquidations and the list may continue.
Collaborating with the Subranni Zauber LLC team of attorneys, specialized in business reorganization, clients have plenty of alternatives to choose from. Having over 40 years of experience in the domain, you may rest assured that we will provide you with the assistance and guidance you need. After closely looking at each solution, the team working here will decide upon the best alternative for your needs.
Business owners should understand that bankruptcy is not at all simple and it should be done in the correct manner. Together with the right attorneys, business owners can declare bankruptcy. At times, after thoroughly studying the situation, filling for bankruptcy might be the adequate solution, as it can spare the business owner from further losses.
Luckily, Chapter 11 may come to your rescue, because it is clearly stipulated that you may continue to work. However, at the same time, the debtor-in-possession should consider all options, put together a plan to reorganize the business and to finally pay the sums of money owed. Although filling for bankruptcy might not be an easy decision, Chapter 11 stirs things up in your favorite, even offering you the chance to start over. On the other hand, there is Chapter 7, which refers to bankruptcy liquidation. This means closing up your business and selling all the firm’s assets, redistributing their financial value to creditors.