For a long time your business operated smoothly, bringing you a profit every year. Then an economic downturn happened and you couldn’t make it through. During the first couple of years you were able to get through by cutting back and taking losses, but no longer. Now you’re in trouble with your suppliers and creditors, and they’re demanding money. Consider filing for Chapter 11 bankruptcy instead of trying to stay ahead of the game. You can keep your business alive while paying your bills at amounts you can afford. But remember that you need to seek help from a Business Bankruptcy Attorney Lebanon Ohio as reorganization is a complicated process.
Chapter 11 allows you to reorganize your business, restructure your debts and keep the doors open all the while. You can emerge from bankruptcy when your operations are profitable, allowing you to move forward in a stronger position. Filing for Chapter 11 is a complicated process, but it is an excellent option when there are no other avenues for restructuring debt available to you. The reason why you need a Business Bankruptcy Attorney Lebanon Ohio is to make sure that you have everything in place at the right time, and that your petition is treated in accordance with the size of your business.
Small businesses can use Chapter 11 when the other chapters are unavailable to them. The rules are the same for businesses of all sizes, but small business are given a special treatment that helps reduce the amount of time spent in bankruptcy. Some of the rules that are waived are not necessarily useful to the small business owner and can only serve to drag out the bankruptcy unnecessarily.
Once you are in Chapter 11, you are basically in command of your debt instead of the other way around. You and your lawyer create a repayment program that is submitted to the court. If the court approves the plan, you can repay your debts at an amount that you can afford without having to close your business.
For more information about filing for a business bankruptcy, contact Dean Snyder Attorney At Law for a consultation.
