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Why Should I Hire a Business Bankruptcy Lawyer?
When a business can’t afford to pay it’s creditors, or when the weight of payables is beyond management, that business may opt to resolve their financial issues using the power of bankruptcy. Businesses can either file for Chapter 7 bankruptcy or Chapter 11 bankruptcy. Chapter 7 bankruptcy is used when a business wishes to have all of their debts discharged, while Chapter 11 bankruptcy helps businesses restructure themselves while maintaining the ability to continue operation.
If your business is suffering, and you are seeking some relief, you should retain a business bankruptcy lawyer to help you reduce or eliminate your debts. Some ways a business bankruptcy lawyer can assist you include:
- Provide business bankruptcy alternatives
- Explain the pros and cons of filing for bankruptcy
- Advise you as to the potential consequences your business may face by filing for bankruptcy
- Determine whether or not bankruptcy is the best option for your business prepare or file any paperwork
- Devise a strategy regarding how to best reorganize your business
- Help you restructure your debts
- Determine the correct time to file for bankruptcy
- Explain the legal effect of filing for bankruptcy
Filing for bankruptcy is not an easy decision. You should seek financial and legal advice before resolving to declare bankruptcy.