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.
Why Does My Business Need a Bankruptcy Attorney?
Whether your business is brand new or decades old, immensely successful or struggling, all companies need an effective and knowledgeable bankruptcy attorney. All businesses experience positive growth and negative impacts as the economy evolves. A bankruptcy attorney can help businesses determine ways to move forward when income generation slows down and debts increase.
Regardless of the reason for your business’s bankruptcy filing, you need an attorney’s expertise to help you file correctly, determine what chapter is most appropriate for your business, complete the necessary paperwork, negotiate with creditors, and more to keep your business and assets at the best values available. Bankruptcy cases also typically move quickly, and businesses can easily find themselves overwhelmed with the process if they are unprepared.
Will I Lose My Business If I File for Bankruptcy?
As each business has unique finances, operations, and management, each bankruptcy case is unique as well. For LLCs, corporations, and other business entities, it may be possible to keep the business open with help from experienced counsel that can arrange flexible strategies to pay back creditors and end bankruptcy proceedings. For smaller businesses structured as sole proprietorships, the bankruptcy can be complicated with the business owner’s personal debt crises, which may require more restrictive debt payment plans to start fresh. However, consult with a bankruptcy attorney to interpret your business’s distinctive situation.
What Can I Expect from a Bankruptcy Attorney?
It’s important to keep expectations realistic when working with a bankruptcy attorney. Filing for bankruptcy and hiring an attorney does not guarantee that your business will emerge from bankruptcy proceedings unscathed. Although working with a bankruptcy attorney increases your chances of a favorable outcome, an attorney cannot guarantee a perfect solution to every financial problem a business faces.
When you work with a bankruptcy attorney, you can expect sound legal advice, guidance on whether your debts can be discharged and how your assets would be affected, and proper completion of all paperwork to file for the chapter of bankruptcy that is best for your business. If you hire experienced counsel early enough, a bankruptcy attorney may also be able to help your business consider alternatives to bankruptcy, such as restructuring and reorganization.
Don’t risk the long-term viability of your business by attempting to overcome bankruptcy on your own–work with an experienced bankruptcy attorney from Ritter Spencer.
With over 25 years of experience in commercial and business litigation, David Ritter is the attorney of choice for small businesses and entrepreneurs. David is an aggressive litigator and works tirelessly as a creative problem-solver for his clients. As an attorney for commercial litigation and bankruptcy cases, David is committed to evaluating the holistic needs of his clients and anticipating the end results of each case. If your business has any questions about bankruptcy or is in need of an experienced bankruptcy attorney, contact the business law attorneys at Ritter Spencer PLLC at (214) 295-5070.