Bankruptcy Choices for a Start-up Business
If your business is still trying to get off the ground, but it looks as if you are not able to pay your current creditors, it may be necessary to seek bankruptcy protection. The type of protection you should seek depends a great deal on the amount you owe, plus the future prospects of your company. Here are a couple of choices to consider.
Your first choice would be to file for Chapter 11 protection. With this type of bankruptcy, you would follow a court approved repayment plan to eventually settle the debts that the company currently owes. This is the best approach if you have solid reasons to believe that the company can build up a steady clientele and become a profitable. Keep in mind that with a Chapter 11, it is always possible to pay off the balance due in advance, if your company's performance exceeds your projections.(Think of GM)
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A second option is to file for Chapter 7 protection. This is the best approach if you believe your company is not likely to find a market, and that there is very little chance of it ever becoming profitable. Under these circumstances, the idea is to settle the debts and be in a position to shut the company down.
Either option has financial variables. If you are at the point of considering what your options are because you're researching bankruptcy for small businesses, don't wait. Your next step will be to meet with the bankruptcy lawyer. Most first meetings with bankruptcy lawyers are at no cost. Be proactive about your business. Don't let it get out of control. There are answers, but it's time to speak to a lawyer.
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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