While your mounting business debts and fed-up creditors may make you feel like filing for bankruptcy is your only option, there are viable alternatives to corporate bankruptcy. With the guidance and negotiations of a skilled bankruptcy attorney, you may be able to resolve your business debts in a way that satisfies your creditors without declaring bankruptcy!
Financial restructuring, workouts, and turnarounds are all strong options for overcoming your business's debts. These involve working with your creditors to resolve your debts and enable the business to continue in operation. With options to renegotiate and reorganize debt, workouts can help your company regain liquidity without filing for bankruptcy. Turnarounds also utilize debt restructuring, but they additionally focus on organization restructuring, redesigning operational aspects of the business to resolve underlying issues.
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You may be wondering why creditors would be willing to renegotiate debt. The simple truth is that bankruptcy protection generally means creditors take a major hit, seeing little-to-no repayment of the monies owed. Rather than being unenthusiastic about a workout, your creditors are likely eager to discuss debt restructuring because it's the best option for having their debts fully satisfied!
When considering bankruptcy versus a workout, keep in mind that filing Chapter 7 bankruptcy or Chapter 11 bankruptcy is usually more invasive than a non-judicial solution. In addition to generally being less expensive, workouts and turnarounds are typically more private. With all of the financial disclosures, schedules of assets and liabilities, and in-depth reports, bankruptcy protection exposes the full gamut of your financial records to the United States Trustee, and ultimately, the public.
Of course, each situation is unique, so it's important to consult an experienced bankruptcy lawyer for specific advice. They'll be able to guide you through all the options available for your business's specific needs and help you determine the appropriate course of action for your company.
In these stressful economic times, it's important to know that your business is not alone: a bankruptcy attorney can help! Contact your local bankruptcy prevention specialist for more information.
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