Declaring bankruptcy can be a stressful, complicated process with many detailed steps that may overwhelm individuals and business owners. Anyone looking to declare bankruptcy should understand the basics of bankruptcy to appropriately consider the different categories, processes, and expected outcomes.
For many business owners, working with a bankruptcy attorney is often only considered in a worst-case scenario. And while bankruptcy lawyers are certainly experienced in helping companies navigate challenging financial situations, their expertise is not limited solely to formal bankruptcy proceedings. Any business, whether it is facing a decrease in income generation or increasing debts, can benefit from working with a bankruptcy attorney, which becomes especially beneficial if and when an economic recession takes place. Read below to learn more about how a bankruptcy attorney can help your business prepare for a recession.
Bankruptcy is a challenging reality for many businesses, and it is not always easy to understand the intricacies of the bankruptcy process. While bankruptcy may not be the ideal solution for all struggling businesses, there are certain benefits that come with a bankruptcy filing, specifically, the automatic stay. Learn more about the automatic stay and discover how a commercial bankruptcy attorney can help your business return even stronger after bankruptcy.
Business disputes are often unavoidable in today’s competitive economic environment. From disagreements about contracts to issues with investments, these conflicts vary in levels of severity and how costly they are. Business litigation attorneys work collaboratively with companies to address these disputes and produce the best result for their clients. However, the variety of these disputes make it difficult for a business owner to know when to bring in an attorney to handle a conflict. Read below to learn when to hire a business litigation attorney and how the Dallas law firm of Ritter Spencer PLLC can advise companies through business litigation.
When a company cannot repay its debts in challenging financial circumstances, the business may be forced to declare bankruptcy. However, different types of bankruptcies exist depending on the business type and specific situation. Working with an experienced Dallas law firm that specializes in helping companies succeed, like Ritter Spencer PLLC, can make it easier to determine which type of bankruptcy a company should file to eliminate existing debt and yield a clearer opportunity for future success. Below we explain the differences between Chapter 11 and Chapter 7 bankruptcy for businesses.
Organizing finances and adapting to evolving economic situations are constant challenges of running a business. Even companies that feel prepared for a change in their financial status may find themselves on the brink of bankruptcy. With the volatility of the global economy and an unpredictable market, businesses should prepare for the worst and work with a bankruptcy attorney to create a financial plan in case of bankruptcy. Work with the Dallas commercial bankruptcy attorneys at Ritter Spencer PLLC to plan for your company’s future.
Many businesses fall victim to a combination of factors that lead to the necessary decision to file for bankruptcy. However, doing so does not necessarily mean the business completely fails. In certain instances, and with the right attorneys from the Dallas law firm of Ritter Spencer PLLC, a company may emerge from bankruptcy with a stronger and clearer path to lucrative and lasting success. Specifically, filing for bankruptcy allows a business to reorganize its affairs, debts, and assets to reallocate and restructure the company to make it possible for a business to bounce back. Below we’ve outlined some of the most notable businesses to bounce back from bankruptcy and continue to see success today.
The sooner your business hires a bankruptcy attorney, the better. Smart business owners realize they need a bankruptcy attorney before the storm clouds appear, rather than after the storm has swept through their business. If you wait until the last minute to look into bankruptcy counsel, it might be too late to save your business and your assets. Learn more about why your business should hire a bankruptcy attorney and how these professionals can help your business in the long-run.