Keep Your Business Out of Bankruptcy with These Tips

Photo courtesy of F33

All entrepreneurs who have ever started a business share at least one common motivator: money.  While there are, of course, other reasons to get a business off the ground, a significant profit is definitely high on the list for many, if not all, business owners.  Therefore, when the money stops rolling in, what’s the next step?

Is it your only option to file for bankruptcy?  Don’t be too quick to rush into filing, if that is your present line of thinking.  After all, you’ve put a lot of effort into making your business successful! Financial problems do not have to immediately signal the end of your company.

First and foremost, you will need the help of a bankruptcy attorney who is ready to be aggressive in order to keep you out of the red.  Savvy business owners know that they should have an attorney on retainer before any sign of trouble, but if you haven’t already done so, call one now. Look for an attorney who also specializes in credit repair and loan modifications. These attorneys will be most able to help you avoid bankruptcy.

Working with your attorney, it is important that you act fast.  Many business owners end up waiting to take action until it is simply too late, and bankruptcy is their only option.  An experienced attorney has connections with lenders and can make important deals that may lower the amount of money you owe them, because lenders know that if you file for bankruptcy, they won’t get anything at all.

Your attorney will be able to advise you about many other methods you can use to lessen your chance of needing to file for bankruptcy and giving your business another chance at success. You will probably be advised on some less than ideal company restructuring that may be quite difficult for you to deal with.  Also, be prepared to let go of some of your assets if you really want to make a last ditch effort to save your company.

It is also possible that your attorney will be able to find you new private or higher cost lenders that will essentially bail you out – at the very least, buying you enough time to get your plans in order to keep the business afloat.

Most importantly, contact a qualified bankruptcy attorney today in order to move forward with salvaging your company.  There are many effective steps that can be taken, but you must take action now for them to work.

3 Responses to Keep Your Business Out of Bankruptcy with These Tips

  1. Pingback: If I File for Bankruptcy Will I Lose My Business? | Veitengruber Law

  2. Pingback: I’m Married; Can I File for Bankruptcy Without my Spouse? | Veitengruber Law

  3. Pingback: Can a Low Credit Score Affect My Success as an Entrepreneur? | Veitengruber Law

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