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Bankruptcy Basics for Small Businesses

Posted on in Bankruptcy

IL bankruptcy lawyerFinancial trouble can happen to any business of any size at any time. Unfortunately, knowing this does not make the process easier or less devastating. What can make it easier is knowing what to expect and where to find assistance. The following can help you with both aspects of small business bankruptcy and may even provide you with hope for an alternative solution.

Deciding Whether You Should File

When your business has overextended itself, fallen short of income projections, or otherwise taken a major financial hit and the debts begin piling up, bankruptcy might seem like the only option. Thankfully, this is not always the case. It may be possible to negotiate your debts or restructure your business spending so you save more money. Whatever your situation, you should commit to speaking with an attorney before moving forward. Your lawyer can examine your business earnings, debt, and projections to help you determine what options may be most suitable for the future of your company.

If Bankruptcy is the Best Choice

Although some business owners may find other options for saving their company, others may learn that bankruptcy truly is the most viable option. This does not necessarily mean you have failed—all kinds of businesses go bankrupt. It does mean that you are going to spend a lot of time speaking with your attorney about your options. Should you file for liquidation or Chapter 7? What are the pros and cons of each option? Is there any hope of saving your business, and if so, is it worth the risk or financial burden? These are all questions you should ask.

A few other things to consider as you prepare for your consultation include your business structure (which may play a major role in determining which bankruptcy option would be most appropriate for your situation), total debts (including any IRS tax obligations and/or liens/levies), and what you hope to achieve upon completion of the process. Further, you should never be afraid to ask for an honest quote to ensure you are prepared for the financial burden of the bankruptcy itself.

Contact Our Lake County Corporate Bankruptcy Attorney

If you have a small business and believe that bankruptcy may be your only option, contact the offices of Newland & Newland LLP for assistance. Backed by decades of experience and called to handle some of the most complex business cases, our Libertyville small business bankruptcy attorneys have the knowledge and skills you need to navigate the complex bankruptcy process. We can also advise you on any other options that may be available to you. Schedule a free consultation to learn more. Call [title]] today.

Source:

https://www.foxbusiness.com/features/a-bankruptcy-guide-for-business-owners

 

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