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.
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People often think that chapter 7 cases are easy, straight forward and uncomplicated. It’s easy, right? An attorney just buys a computer software bankruptcy program, inputs some information, files the case, goes to the 341 hearing and then waits for the discharge order. While I certainly don’t turn down simple cases, I do come across […]