There used to be a stigma around the word "bankruptcy," but the simple truth is that more and more companies are considering bankruptcy as the years of economic trouble continue. But even if you're struggling with creditors or worrying about making ends meet, corporate bankruptcy may not be the only solution for your business.
Is bankruptcy right for you? Ask yourself the following questions:
How bad is it? If you're experiencing a momentary cash flow shortage or are envisioning some contracts declining in profitability, you still have some time. You should always be looking toward the future when it comes to careful financing, but bankruptcy is a poor choice unless your company is in genuine trouble.
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Bankruptcy protection is NOT an easy out, and it will dramatically impact how--and if--your company does business in the future. Filing bankruptcy should be a gurney, not a crutch.
Have you collaborated with your creditors? You may be unaware that you actually have a variety of options for bankruptcy prevention. Workouts and turnarounds involve working together with your creditors to create a debt resolution plan that is mutually acceptable. The fact of the matter is, in this economy, your collection agencies are probably also feeling the pinch. They'd prefer helping you prevent bankruptcy and receive a partial repayment over getting nothing in return.
Are you the sole owner of your company? If so, bankruptcy can drastically alter your individual finances as well. Swaying your capability of obtaining loans and mortgages, filing Chapter 7 bankruptcy or even Chapter 13 bankruptcy can reduce the likelihood of financial success in your future prospects. Unless you have tried every other solution, filing for bankruptcy as the lone title owner is usually a bad idea.
So, if you find yourself wondering, "Should I file bankruptcy?" make sure you've considered all the options. Professional bankruptcy lawyers can give you the best advice on what's right for your specific business and your particular situation, so make sure you consult with the experts before making any final decisions.
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Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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