When a business is faced with financial challenges, it might also find it challenging to stay in operation. No matter the size of the company, when business debt becomes too much to handle, it might be necessary to consider what debt relief options are available. While it might currently be difficult to get through the day-to-day operations with growing business debt, there are ways New Jersey companies can keep the business running while also seeking debt relief.
Helping You Navigate the Chapter 11 Bankruptcy Process
At Scura, Wigfield, Heyer & Stevens, LLP, we understand that filing for bankruptcy is not an easy decision to make. However, for many companies that are struggling financially, a commercial bankruptcy could be an appropriate option. While the Chapter 11 bankruptcy process can be rather complex, our experienced attorneys have helped past clients successfully navigate the process.
A Chapter 11 bankruptcy is handled much like a Chapter 13 bankruptcy, because it allows the business to reorganize its debts and develop a repayment plan. Our knowledgeable legal team works one on one with our clients, helping them develop a workable repayment plan to present to the bankruptcy court. In these matters, it is important that business owners understand their current debt problems and how their plan could help with a turn around in the short-term and the long-term.
Strategic Steps to Address Business Debts
Dealing with debt is never an easy task to take on, but it is something that business owners need to understand. In order to gain a full picture of a financial situation, businesses should take strategic steps to address business debts. This could help a business stay afloat and prevent it from shutting its doors for good.
To learn more, contact our Chapter 11 Bankruptcy Attorneys today at Scura, Wigfield, Heyer & Stevens, LLP.