Is Bankruptcy Right For My Business?

Bankruptcy is a legal option very few individuals and businesses consider, in large part due on the numerous myths and legends surrounding the bankruptcy process. While there are alternatives to bankruptcy, there are also certain warning signs and indications that may make it clear that bankruptcy could be a viable option for you and your business. My firm and I have seen both the good and bad when dealing with business issues. I understand the struggles you may be going through, particularly if you are considering filing for bankruptcy, and I am here to help. During the past 14 years practicing bankruptcy law I have helped countless individuals and businesses successfully overcome their overwhelming debts and financial stresses.

If your business has managed to get into a significant amount of debt due to the economy, overzealous investments being made without any significant returns, a lack of proper planning, incurring a large volume of unsecured debt, and there being no source of steady income from which to pay off existing creditors, bankruptcy may be the right choice for your business. There are many factors which first must be reviewed and considered before deciding to file for bankruptcy. What type of business do you have? Is it a corporation, partnership or limited liability company? The type of business you own and operate will be key in determining whether you should file for bankruptcy and what type of bankruptcy will best suit your needs. Did you or any of your loved ones provide a personal guarantee or collateral for loans given to your business? If that is the case your personal assets and property may be at risk.

Should you feel the need to cut your losses by completely closing down your business and ending all operations then a Chapter 7 bankruptcy may be able to help. If you feel there is still a future for your business then you may want to consider a type of bankruptcy that will help you reorganize your debt so you will be able to keep the doors open. Consulting with an experienced bankruptcy attorney will greatly improve your chances of being able to resolve your financial woes and get back to building the successful business you intended to have all along. To find out more about how you and your business can benefit from bankruptcy, contact our San Antonio bankruptcy attorney, Rick Flume, today.


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