If you own a business, that business is most likely your pride and joy. There are few greater feelings than having a business that you built, from the ground up, thrive. Unfortunately, things do not always go as planned, and at times, no matter how solid your business is, you may not be generating the same amount of revenue you once did, or as much as you initially planned. This can be extremely stressful for business owners, and if you begin accumulating debt, it may be time to start asking yourself some serious questions.
Though bankruptcy is the perfect solution for many business owners, especially Chapter 11 business bankruptcy which allows them to keep their business running, perhaps you do not yet have to make such a drastic decision–perhaps there is something else you can do. Please continue reading and reach out to our experienced Rockland County business bankruptcy attorney to learn more about business debt restructuring and how it may help you avoid going bankrupt. Here are some of the questions you may have regarding the legal process ahead:
What is the purpose of business debt restructuring?
If you are someone who is currently in debt, though, your business is still very promising and you believe you can turn it around, business debt restructuring may be a far better alternative than filing for bankruptcy. When you hire an experienced attorney, you can privately renegotiate this delinquent debt and improve your business’s liquidity and profitability.
Will I need to hire an attorney to help me restructure my business debt?
Many business owners would simply prefer going it alone. However, we cannot advise you to do so. During this time, it is vital that you have knowledgeable legal assistance through these negotiations with your creditors. Keep in mind that though creditors prefer you restructure your debt over filing for bankruptcy, this is only the case because when you restructure your debt, they have more control over how the restructuring plays out. However, with an aggressive, experienced attorney by your side, you can rest assured that your best interests, and your business, are well-protected, every step of the way.
For any additional questions regarding business debt restructuring, please do not hesitate to reach out to our experienced Rockland County bankruptcy attorney today. Our firm is here to help you.
Contact our experienced New York firm
Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.