While owning a business can bring a lot of rewards, it can also be quite risky. In today's fluctuating economy, many businesses endure financial hardships. If your company is suffering financially, your probably feel overwhelmed an unsure of what to do. One thing you can do to get out of debt is file for Chapter 11 bankruptcy.
Here are several benefits of filing Chapter 11 bankruptcy:
Automatic Stay
After you file for Chapter 11, the judge will issue an automatic stay. This will prevent creditors from collecting payments from your business, allowing you time to reorganize your debts. Because creditors won't be allowed to call you anymore to demand payment, you will feel less stressed out.
Continue Running Your Business
With Chapter 11 bankruptcy, you can continue to run your business like before. You can continue to sell your services and products to customers and maintain good relationships while you take care of your finances. After the bankruptcy, your business will be even stronger and you won't have to start from the beginning.
Renegotiate Terms With Creditors
When you file Chapter 11 bankruptcy, you can renegotiate terms with yours creditors so that your payments are more manageable. Your creditors may agree to lower your interest rates or reduce the amount of money you owe.
Gives You a Competitive Advantage
Filing for bankruptcy may also help you pass your competition. Unlike your competitors, you get the chance to only pay a portion of your debt and get out of certain contracts. You will be able to operate your business more efficiently now and get ahead.
Reduced Stress
When your company is facing financial hardships, it's easy to feel stressed. You don't know how you will be able repay all the debt and worry about the possibility of losing your business. If you file for bankruptcy, you can take an immense amount of stress off your shoulders. You will be able to sleep better at night knowing that your business will get a fresh start.
As you can see, there are a lot of advantages to filing for business bankruptcy. If you would like to get the process started today, you should contact an experienced bankruptcy attorney today. He or she will help you fill out the paperwork correctly and give you good legal advice along the way. With a skilled lawyer on your side, you will feel better about your situation.
Share8 January 2018
When I started thinking about putting an end to my rental days and investing in a home, I realized that it was going to be a serious stretch from where I was at. I didn't know that much about paying for a house or working with a lender, and I was nervous about making the wrong decision. Fortunately, a friend of mine helped to walk me through the financial aspects of home ownership to get me on the right track. I was able to invest in the perfect house, and my investment paid off with generous returns over the next few years. Check out this blog to find out more about finance and money.
