Chapter 11 bankruptcy is normally reserved for businesses and allows for debt reorganization. If you have started a business that has not been as successful as you hoped, then you are not alone. These days the economy is so up and down that many businesses and individuals are struggling to stay afloat and many owners have no other option but to file for bankruptcy. This is not something that you should ever be ashamed about – this is simply a part of life.
Business Bankruptcy Options
The most important thing when faced with a business that is sending you broke is that you accept help and that you try to move forward in a positive way. Chapter 11 bankruptcy may be the answer to your problems. The good thing about chapter 11 bankruptcy is that you do not have to close down your business – you are able to remain open through debt reorganization and by following a payment plan.
There are rules in place about who can file for chapter 11 bankruptcy. A qualified Minnesota bankruptcy lawyer can help you understand if you are eligible and if this is a viable option for your business. Under a chapter 11 bankruptcy you are still able to remain open and trading – you will simply be put on a payment plan over time to pay back your creditors and debts. The creditor harassment will stop and you will be able to get your business back into control without shutting its doors completely.
Most businesses have good years and bad years. If you are a little stuck behind and if your business is currently struggling, then there is another option other than just giving up. Many businesses are taking advantage of chapter 11 bankruptcy after the recession and while the economy becomes more stable. If you want to save your business and regain control of the financial side of things, then a Minnesota bankruptcy lawyer can certainly help.
Is Chapter 11 Bankruptcy the Right Option?
One of the first thing we will ask you when looking into your current situation is how is the company organized? If you are a sole proprietorship, corporation, LLC or partnership, then you are eligible to file for chapter 11 bankruptcy. If you are a sole proprietorship and do not have a large sum of debt, then you may wish to file for a chapter 13 bankruptcy instead. Chapter 7 liquidation bankruptcy is also available to the above mentioned parties as well as individuals.
Minnesota Small Business Bankruptcy Attorney
Choosing to file a personal bankruptcy or a business bankruptcy can be confusing. Will your personal assets be affected? Will your business still be able to operate? Will you be penalized by credit reporters and lending companies in the future? These questions, and more, can be answered by contacting Brea Buettner-Stanchfield and her team at Buettner Law Group, LLC. We offer a free consultation to discuss your situation and determine the best path to take. Contact us today at 612-377-5311 for a free initial consultation.