Unfortunately, financial downturns happen to the best of businesses, making it difficult to keep operations going. The biggest problem that is faced is one of keeping up with the bills while ensuring that there is enough raw material on hand to make product. This is the basic tenet of business, and one that is very easy to trip up when there’s no money to pay the suppliers. Adding to the problem is the fact that there is no easy way to predict if business is going to get better. But, you want to keep the doors open in order to give that possibility a chance. It might be the best solution is to go into Chapter 11 Bankruptcy in Marion, IL.
The first thought you might have is that Chapter 11 Bankruptcy in Marion, IL isn’t necessarily the right thing to do, and that you lose your business through bankruptcy. The reality is much different. Chapter 11 offers the business owner the opportunity to do one of two things: liquidate the business and pay off creditors, or reorganize existing debt with creditors in order to keep the doors open. In fact, it’s very similar to a Chapter 13 Bankruptcy in Carbondale, IL. This option is available to businesses of all sizes, and a small business has provisions within the code that are tailored to its needs.
Before making any decision, set up a consultation with a lawyer first. A better decision can be made after a lawyer has been able to go through the paperwork related to the business. It may be that the lawyer can negotiate the business debts down to a point where they are easily paid off without having to resort to bankruptcy. If this isn’t feasible, then the lawyer can go ahead and make a recommendation on what is the best option, reorganization or liquidation. A lawyer offers an impartiality that is greatly needed at a time like this.
Making this decision is never easy. It impacts everyone from top to bottom, but may be the only option available to get the business out of trouble.
