It’s tough running a business and even tougher to keep a business profitable.
Business owners throughout Michigan navigate the delicate balance of profitability on a monthly, weekly, and even daily basis.
In some situations, the accumulation of business debt overcomes a business’s ability to generate income, and in that particular situation, Chapter 11 bankruptcy should be given strong consideration.
Let’s explore some of the ways a business can arrive at a situation where Chapter 11 bankruptcy would be a suitable solution:
How a Business Can Arrive in Chapter 11 Bankruptcy
Chapter 11 Bankruptcy as a Second Chance
A Chapter 11 bankruptcy can bring solace to a business that is struggling financially. A Chapter 11 bankruptcy is different than a Chapter 7 or Chapter 13 bankruptcy in that it offers a business the following opportunities:
What To Do Next?
If slow collections, slow sales, and unforeseen calamities have you worried about your business Contact the business bankruptcy experts at Gold, Lange & Majoros, P.C. or call (248) 350-8220 for a confidential review of your situation and how we can best help you.
If you’re facing what seems like insurmountable debt, you may be wondering if you can use your retirement savings instead of filing for bankruptcy. The straight answer is yes. But the more important question is whether you should. This is a quandary better handled by skilled bankruptcy attorneys. Because although it may sound scary, declaring […]
Corporate bankruptcy filings in the United States reached a 14-year high last year. In 2024 alone, 694 public and private companies filed for bankruptcy protection. This rise in corporate bankruptcies is alarming. The previous high was 638 in 2020 as the U.S. and global economies were hobbled by the COVID pandemic. In 2010, 828 companies failed […]