You run a small business, and it’s not always easy to deal with downturns in the economy. It’s not surprising that sometimes debts become overwhelming or simply don’t get paid. If you find yourself in a position where you’re struggling to make ends meet, you may in a situation that could be relieved with Chapter 11 bankruptcy.
Chapter 11 bankruptcy is different than most because it allows you to rework your business. By restructuring your business plan, determining better income streams and by reducing debt, you can get a handle on your situation and emerge out of Chapter 11 bankruptcy with a viable, profitable business. During the process, you’ll also be paying down old debts. Typically, unsecured debts left unpaid at the end of the bankruptcy are dismissed, so you can start fresh.
If you’re planning to file for Chapter 11 bankruptcy in New York, it’s important that you work with someone who knows the legal in’s and out’s of the court system. It takes time to come up with restructuring plans and effort to come up with the finances to pay off creditors. You’ll need to work with creditors to determine which debts you need to pay back while managing your current monthly responsibilities and keeping your company open.
Although a lot has to happen, Chapter 11 bankruptcy can be immensely beneficial to you financially now and in the future. Learn more about this type of bankruptcy on our comprehensive website. With the right help, you may be able to pull yourself out of debt and create the successful business you’ve been aiming to achieve.by