If your small business is in financial trouble, you may be considering filing bankruptcy to help get out of trouble. But before filing any bankruptcy paperwork, it's a good idea to get some guidance from a commercial bankruptcy firm that can walk you through the filing process. Here's what your small business can expect from the commercial bankruptcy firm you decide to work with:
The Initial Consultation
The first thing your service provider will want to do is schedule an initial consultation so you can sit down one-on-one to discuss your small business's specific financial situation and unique challenges. During the consultation, you'll likely be asked to provide copies of your budgeting reports, your debt reports, and your future financial outlook.
You will both also work together to figure out what kind of bankruptcy to file for. If there's a chance that things will turn around for your company in the foreseeable future, your service provider may recommend that you file for chapter 11 bankruptcy. If no viable future is expected, chapter 7 bankruptcy may be recommended.
And if your small business is run as a sole proprietorship, you may qualify for a personal bankruptcy filing. Your service provider will have the experience and knowledge necessary to determine what type of bankruptcy would benefit you and your small business the most when all is said and done.
Just because your small business is filing for bankruptcy doesn't mean that you will necessarily be free of debt. Depending on your specific situation and finances, you may still have some payments to negotiate with debtors. You can count on your small business bankruptcy service to negotiate payments on your behalf so you can get out of debt for the least amount possible and hopefully reconcile some of your losses for your investors. Your service provider may even be able to get some of your debt eliminated through negotiations before filing your final bankruptcy claim.
If you plan to stay in business in way shape or form, the small business bankruptcy firm you decide to work with may also be able to manage your debts after your bankruptcy has been settled. They'll help you create a plan for minimizing your debt accrual in the first place and will provide you with the tools you need to manage any debt you do accrue as time goes on. Proper debt management will help ensure that you don't end up having to face the possibility of filing for bankruptcy again at any time in the future.
Contact a firm like Molleur Law Office to learn more about filing commercial bankruptcy.Share