Is your small business in financial trouble? If you're like many other entrepreneurs struggling to manage their debts, you may be considering bankruptcy a viable debt relief option. If your company is an established partnership or corporation, you may not be allowed to file for chapter 13 bankruptcy protection. Although you may be able to file for chapter 7, that option may not be the best for you if you wish to protect your company's assets and keep your doors open.
Continue to Run Your Business
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Under a chapter 11 bankruptcy, you are allowed to reorganize your debts and establish a bankruptcy payment plan while your company continues to operate. In some instances, you may need to seek the permission of the bankruptcy court, but most day-to-day business decisions you can make yourself.
This option can sometimes be more expensive and time-consuming than other alternatives. It should therefore not be taken lightly, and you should make sure it is the right type of bankruptcy for you before filing your petition.
Why Chapter 11 Bankruptcy May be Right for Your Small Business
If you are a sole proprietor with relatively small debt that can be covered under chapter 13, you may still want to consider other bankruptcy options. Chapter 11 debtors are given more time to propose a payment plan, and are not subjected to the same restrictions.
Handling your business debt is not an easy task for every entrepreneur in this economy. Whether your company is a partnership, small corporation or sole proprietorship, if you are considering small business bankruptcy, you should consult an experienced attorney to discuss all options available to you before making any life-altering decisions.
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