Financial hardship is a reality of business life that hits some companies with a sledgehammer blow. It’s not anything to be ashamed of, and there’s no need to suffer needlessly under the crushing weight of insurmountable debt when there is a remedy available. The solution to getting your company’s finances back in order is available through Chapter 11 bankruptcy.
At The Law Office of Michael A. Kaufman, P.A., our bankruptcy attorney in West Palm Beach, FL, knows all about the qualification and filing process and is going to discuss the pros and cons here.
The pros are many, and foremost among them is that your business can still operate while paying its debts under a reorganization plan. Other positives include:
- Creditors will stop pursuing your business.
- You can renegotiate specific debts, such as leases.
- Your business gets a chance at a fresh start.
Of course, with positives there are negatives too, and any bankruptcy attorney worth his or her salt will tell you this process can be lengthy and expensive. That is why small businesses sometimes opt for Chapter 7 or Chapter 13 filings instead. If you decide to file a Chapter 11 bankruptcy, keep in mind it allows your business to create a well-structured debt repayment plan.
Take the time to seek out a bankruptcy attorney who will find the best options for your company.