Before filing a small business bankruptcy sit down with Winter Park bankruptcy attorneys Lanigan and Lanigan to discuss options for Chapter 11 bankruptcy.
Certainly in the past few years some of the most successful businesses have needed to file bankruptcy at some point, although this action is never desired. The damage done to personal and business credit can effect a person’s whole life if partnerships and assets are not appointed correctly.
Research Options Before Small Business Bankruptcy
Speaking with an experienced civil and business litigation attorney is important when developing a Chapter 11 bankruptcy plan to ensure that the right provisions are made to ensure the best outcome possible.
Other options include a business reorganization, a mortgage workout or a personal Chapter 7 bankruptcy.
Though many companies bounce back after small business bankruptcy, this usually occurs in companies that have other avenues of income that can be used to bounce back.
It’s preferable to get creative in finding ways to avoid financial ruin by selling part of the company as another share, liquidating merchandise, or downsizing employees or locations.
Exploring all possible options for saving money before small business bankruptcy becomes a reality is step one. Keeping strong financial records will indicate any problems even before the threat of losing everything to the bank is step two.
In some cases other similar businesses are in the same position and a merge of companies may solve the problem. This action may cut expenses in half and increase market population. Understanding the different ways to file is crucial to the success of any company and personal reputation.
Review Bankruptcy Options with Attorney Eric Lanigan
Creation of a business plan that will produce revenue over the long-term with a solid profit and loss projection that goes beyond year one is key. Working together with Eric Lanigan and Roddy Lanigan to assure that there is an asset protection plan in place along with a strong economic forecast will provide a map for success after bankruptcy.