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.
Bankruptcy can be a valuable tool for individuals and businesses looking to get out from under insurmountable debt to get a fresh start. The Bankruptcy Code consists of five distinct types of bankruptcy for individuals and businesses for debts owed in the United States (the sixth, Chapter 9, is only available to municipalities to reorganize […]
Many people in need of legal advice concerning financial problems and the possibility of filing bankruptcy understandably want to get it done as cheaply and efficiently as possible. In today’s world of easy internet access, many of us take it upon ourselves to research answers online to become educated on the benefits and pitfalls of […]