Business owners often hope to keep their businesses going despite financial woes that they hope will be temporary. Everyone has heard stories of huge corporations such as General Motors that filed Chapter 11 bankruptcy as part of a recovery process, and business continued as usual for customers and employees.
Business Bankruptcy Solutions in Arizona
Can your small business go through a Chapter 11 bankruptcy and remain intact? If your business is currently in default on significant financial obligations, bankruptcy may well be worth your consideration as a way to keep the business afloat. Talk to a small business bankruptcy law attorney to help determine the best course of action at this stage of your business.
On the other hand, you may be interested in filing for personal bankruptcy. You may be considering filing Chapter 7 or Chapter 13 bankruptcy and wonder how that will impact your business. Answering this question may require a review of any partnership agreement that you signed. Sometimes, partnership agreements explicitly stipulate that if one party files bankruptcy, the partnership will be automatically dissolved. In this case, the business can continue to operate as usual, one party can proceed with his or her individual bankruptcy, and at some future time, he or she may rejoin the business as an employee.
A business is difficult to replace. Lines of creditors, customer loyalty, lease agreements and so on are worth preserving if at all possible. Deciding whether to take a business through bankruptcy or whether to file personal bankruptcy can be a complex and critical decision, best made with personalized legal counsel. The day after a bankruptcy, what do you want life to look like for your personal finances? For your business? Discuss answers to the vital question, "How will filing bankruptcy hurt my business?" with an experienced Arizona bankruptcy lawyer.
Speak to a Phoenix Business Bankruptcy Lawyer
To learn more about how The Roll Law Office, PLLC, can help you make the right decisions for your business in the face of financial troubles, please contact us today or call 602-652-2403 to set up a free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
