Filing for bankruptcy does not mean accepting personal or business failure. For many individuals and companies, bankruptcy means an opportunity to re-strategize and regain control of the company's finances. One recent example of a company emerging after bankruptcy with a new business plan is Family Christian Stores, a Grand Rapids, Michigan-based niche retailer. After completing the Chapter 11 bankruptcy process, the company's CEO plans to redefine the company's brand and better implement e-commerce into its business model.
Chapter 11 bankruptcy is a popular bankruptcy option for business owners who can not pay their business debts but want to reorganize their companies to become profitable. If you are a business owner considering filing for bankruptcy, work with an experienced bankruptcy attorney to determine all of your options and whether Chapter 11 bankruptcy is the right choice for you.
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