If you own or manage a business in New Jersey that is experiencing financial instability, you will no doubt want to carefully evaluate your options. Depending upon the reason for your situation you may choose to use the financial problems as a reason to close your business and pursue other options. You may also want to find a way to keep your business operating and get it back on healthy financial footing. In either situation, a bankruptcy may be able to help.
As explained by the Houston Chronicle, if you are interested in getting out of the business you are currently in, filing for bankrupty may allow you to do this without serious risk to your personal finances or other personal assets in a way that simply shutting your doors may not do. This may be especially important for you if you want to start up a new operation.
If you are focused on moving your business out of its current situation and rebuilding it, a Chapter 11 bankruptcy may be helpful as it offers you the opportunity to negotiate both payments on debts and contracts with a variety of other entities. New contract terms and reduced debt repayment together may give new life to your business and allow it to flourish once again.
If you would like to learn more about how your or your business might be able to benefit from filing for protection under a bankruptcy plan, please feel free to visit the business debt relief page of our New Jersey bankruptcy website.