Dealing with any type of financial challenges could be overwhelming, emotional and in some cases, embarrassing. With regards to business debt, our firm understands that business owners in New Jersey might find it difficult to navigate complex financial matters regarding their business. For many, they seek to understand the best way to keep their business operating, but in some matters, business owners should note that some debt relief options might result in the sale or liquidation of their business.
Whether it is a small business or large corporation, dealing with financial challenges can sometimes be debilitating. The steps required and the debt relief options can be very complex, and those considering business bankruptcy should become knowledgeable about the process.
Obtaining Guidance About Chapter 11 Bankruptcy
Obtaining guidance about filing for bankruptcy is an important step to take. A Chapter 11 bankruptcy might be their best option, and this process can be very complex. Getting legal assistance does not only ensure that the paperwork is properly and timely filled out, but it also helps the business avoid rather harsh penalties for making errors in the filing.
Business Bankruptcy Different from Personal Bankruptcy
Business bankruptcy is different and, in most cases, more complex than filing for personal bankruptcy, although a Chapter 11 filing is similar to a Chapter 13 bankruptcy. A Chapter 11 allows for the business to reorganize their debts and also allows them to develop and negotiate a repayment plan. In order to accomplish this task, a full financial picture, including the business downturn and liabilities, needs to be established. This will allow them to develop a rational payment plan that could help the business turn things around in the short-term.
Contact a Chapter 11 Bankruptcy Attorney in New Jersey Today
No matter the size or the seriousness of the debt situation, businesses should seek to fully understand any financial challenges they face. Our firm's Chapter 11 bankruptcy attorneys could help put their debt problems in perspective and assist them in devising a debt relief route. Understanding the bankruptcy process could help the business develop both a short-term and long-term plan to address their debts.