1512 Artaius Parkway, Suite 300,
Libertyville, IL 60048

Call for a FREE Phone Consultation

847-549-0000

Video Consultations Also Available

Could Bankruptcy Help Your Small Business Get Back on Track?

Posted on in Bankruptcy Attorney

libertyville bankruptcy lawyerDespite its increased use and benefits, there are still misconceptions about bankruptcy. This is perhaps most damaging when it comes to filing for bankruptcy as a small business. Owners may fear it will damage their credit, or that they will ultimately face closure if they file, so they continue to trudge through debt, possibly putting the future of their company at risk. If you are a small business owner in serious debt and considering bankruptcy, the following can help you understand the misconceptions about bankruptcy and assist you in deciding if it might be the right option for your company.

Understanding the Purpose of Small Business Bankruptcy

If you are considering bankruptcy for your small business, you are probably having a difficult time meeting your financial obligations each month. In fact, your company may already be effectively bankrupt. At the very least, it is heading in that direction. To ignore this is not only poor decision-making, but it could potentially lead to personal financial problems and the closure of your business. Bankruptcy could help you avoid such issues. In fact, some companies manage to negotiate the terms of their debts, consolidate, and pay off their creditors while keeping their businesses open and running. When used in this way, bankruptcy could be more of a benefit and less of a hindrance to your company’s future.

Is Bankruptcy the Right Option for Your Small Business?

Bankruptcy is not the best option for every small business. However, companies that are viable and have a future, as well as companies that may go under even after they file, could both benefit from a bankruptcy filing. If nothing else, this legal action may protect the personal assets of business owners or partners. Still, it is encouraged that you have your situation analyzed by an experienced lawyer before making any final decisions. After all, each situation is unique and should be treated as such.

Contact Our Lake County Small Business Bankruptcy Lawyers

Regardless of what your situation is, or how complex the issues you are facing may seem, the team at Newland & Newland, LLP can help. We will work with you to help you decide if bankruptcy is the best way forward, and if so, which chapter to file under. Our lawyers are dedicated and experienced, and we will carefully analyze your case and explain all of your available. Learn more about how our skilled Libertyville small business bankruptcy attorneys can assist with your case. Call 847-549-0000 and schedule a free consultation today. We pledge to protect your best interests, every step of the way.

 

Source:

https://www.allbusiness.com/filing-bankruptcy-makes-sense-104771-1.html


  • Top 100
  • AFDA
  • BBB
  • IRELA
  • Illinois State Bar Association
  • Illinois Trial Lawyers Asscociation
  • Manta Member
  • NACBA
  • North western suburban bar association
  • Top One
  • Expertise
Back to Top