Maybe you had a dwindling hope that last year’s post-holiday sales could push your company from the red to the black. Sadly, as you enter the second month of the first quarter of 2020, you’re forced to confront a dismal reality: Your small business is no longer viable.
Acknowledging the failure of a business to thrive in a booming economy is tough. After all, you poured your lifeblood into the company. You worked long hours and tried all that you could to entice customers to your door. Yet somehow your efforts failed. Now you’re trying to wrap your head around the fact that you need to shutter your company’s doors permanently.
What happens next?
Well, for many failed small businesses, filing for Chapter 11 bankruptcy might be the best option. Doing so can provide you with the breathing room you need to reorganize your debts while keeping your company open as a debtor in possession. In some circumstances, this can be a better alternative than throwing in the towel entirely. In others, however, it may just be delaying the inevitable.
We can help you sort through the mess and determine the best course of action for you to take. Sometimes, it can be better to walk away completely and file for bankruptcy under Chapter 7 for your business.
Doing that allows you to wipe the slate clean and start over anew without any lingering debts from creditors hanging over your head from your former company.
Time is not on your side in these types of situations. Call today to schedule an appointment to discuss your circumstances with us.