It is a sad truth that owning and operating a business is tough work. While there are many positive moments, such as the first time you turn a profit or your first expansion, there are a number of negative experiences commonly associated with business ownership. One of the most common is financial hardship. Luckily, no matter how crushing your business debt may seem there are viable options for you to consider, such as bankruptcy.
Bankruptcy is the legal process of overcoming debt. For businesses there are two main options for bankruptcy. These are the following:
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Chapter 7 Bankruptcy: This is the most common form of bankruptcy, often used by individuals and businesses alike. For a business, this form of bankruptcy requires the organization to cease operations and a trustee is chosen to distribute and sell off assets in order to pay back creditors. This form of bankruptcy does not guarantee that employees will lose their job. Often the business as a whole or large portions of the business can be sold intact to other companies or new owners. Chapter 11 Bankruptcy: This bankruptcy is designed solely for use by businesses. In this form of bankruptcy the business leader can usually stay in control of the organization, but will be subject to the court's oversight and jurisdiction. While the debtor is still in control of the business they must work with the creditors to make a plan for repayment. This usually entails a plan of repayment.
If you are considering either of these options for overcoming crippling debt it is important you seek the assistance of professional support. Having an experienced bankruptcy attorney by your side as you tackle the process of moving on can help you make the best decisions for your personal success and the well-being of your business.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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