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:
Filing for bankruptcy is not an easy decision. You should seek financial and legal advice before resolving to declare bankruptcy.