What Should I do if my Business is Currently in Debt in NY?

woman working laptop

If you are a business owner here in New York State, you most likely have a lot of competition, no matter how unique or special your business is. With this in mind, accompanied by the fact that the COVID-19 pandemic has had a drastic impact on business throughout the United States, you have a lot against you at the moment, and if your business is currently in debt, there is a very good chance you are considering your legal options going forward. Please continue reading and speak with our experienced Rockland County business bankruptcy attorney to learn more about your options outside of business bankruptcy, including business debt restructuring, to learn more about how it may be the best possible alternative to bankruptcy for you. Here are some of the questions you may have:

What is business debt restructuring and how can it help my business?

If you are currently in a significant amount of debt, you are most likely looking to avoid filing for bankruptcy. This is completely understandable, and in certain cases, you may have other options on the table. For example, if you are not so far in debt and you can prove that your business has potential and can turn your financial situation around, you and your lawyer may engage in business debt restructuring, wherein you can privately negotiate the delinquent debt, thereby improving your business’s liquidity and profitability.

Do I need a lawyer to assist me with business debt restructuring?

While it is completely understandable that you’d simply prefer to conduct these affairs on your own, since, after all, it is your business, the truth is, hiring a knowledgeable attorney who has helped countless business owners in your situation can go a very long way. That being said, you do have certain things on your side. For example, creditors naturally will prefer you to simply restructure your debt than file for bankruptcy, as they will, ideally, receive the full amount of which they are owed, meaning that with an experienced attorney on your side, there is a very good chance that you can reach a restructuring agreement that works best for all parties involved. If you have any further questions, or you are ready to get started, give our Rockland County bankruptcy attorney a call today.

Contact our experienced Rockland County, New York firm

The Law Offices of Allen A. Kolber, Esq. effectively represents clients facing Bankruptcy in Rockland County and all of New York State. Our firm understands the stress one can feel when facing a difficult financial future. Our compassionate staff will work to ease your fears and help you make a new start. If you need quality legal support, contact The Law Offices of Allen A. Kolber, Esq.