Owning and operating a business is no small feat. Business owners have so many things to juggle on an everyday basis, and it’s easy for things to get overwhelming very quickly. Unfortunately, entrepreneurs sometimes find themselves with a mountain of debt and no way to pay back what they owe. In these cases, bankruptcy may be a good option. Though there are multiple types of bankruptcy for a which a business owner may file, Chapter 11 bankruptcy is one of the most popular choices and presents many benefits to struggling entrepreneurs. Continue reading to find out what consulting a lawyer about filing for Chapter 11 bankruptcy could mean for your business:1. Business owners who have been unable to pay their bills on time are likely quite familiar with the incessant collection calls from the creditors you owe. These calls can not only be annoying, but they can also be quite intimidating. When your business files for Chapter 11 bankruptcy, you’ll be granted an automatic stay, which means that all collection efforts from your creditors must cease. 2. If your goal is to save your business, filing for Chapter 11 bankruptcy can help you do just that. Bankruptcy laws will allow you to continue to operate your business, even while you are in the midst of bankruptcy proceedings. Not only does this mean that you can continue to serve your customers, but may also help you gain the revenue boost you need to keep yourself out of future financial trouble.3. Filing for Chapter 11 bankruptcy may also give you the ability to make adjustments to your initial loan agreements or stop certain actions taken by creditors. Business Bankruptcy Lawyers in Carbondale IL can help you work with your creditors to reduce excessively high interest rates, put a stop to bank levies and accelerated obligations, as well as possibly recover vehicles or other equipment that was repossessed before you filed.
Though you can certainly file for Chapter 11 on your own, it’s best to consult with a lawyer who can full explain every legal detail and help you make sure that you’re making the right decisions for your business. Working with the best Bankruptcy Attorney in Marion, IL could make all the difference in helping you get your business out of financial trouble so that you can get back on the right track.
