The marketplace has a significant capacity to reward an entrepreneur who has a genuinely innovative and useful product or service to offer. Certainly, the prospect of monetary success acts as a strong lure for the creative and industrious people who endeavor to open their own businesses. The reality, however, is that few companies are able to achieve extreme financial successes and many do not even remain functional as going concerns beyond the first several years. At times, however, both new and established businesses may find themselves in a position where they are increasingly unable to keep up with financial obligations, and a bankruptcy filing may offer the most suitable option.
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There are several forms of bankruptcy protection available to corporations with each being designed to address a different set of concerns and with unique filing requirements and implications. Contrary to popular belief, filing for bankruptcy does not necessarily mean that a business will no longer be able to operate, nor does it necessitate that assets must be liquidated to satisfy the demands of creditors, suppliers, or other parties to whom the company is indebted. Consulting with a skilled and experienced bankruptcy attorney can provide you with valuable insights into the potential advantages and disadvantages of a variety of debt resolution measures.
When to File
Obviously, some struggles are expected during the early years. Even multinational corporations are subject to fluctuations in the global economy and consumer taste, so there is a strong temptation to simply accept or dismiss some financial issues as reasonably typical. But having blind faith that things will turn around or just attempting to ignore a mounting backlog of unpaid bills and other debts will do nothing to improve the situation and will only serve to make things worse and more challenging to overcome going forward.
Generally, if there is a pattern of being consistently unable to make full and timely payments, it should serve as a sign that there are severe problems. To help you begin to form an understanding of some bankruptcy concerns, consider the following business bankruptcy organization:Chapter 12 Bankruptcy is available for small farming, fishing, and ranching operations Both Chapter 12 and Chapter 13 offer a company the chance to restructure and reorganize the corporate operation and the terms of debt repayment arrangements Chapter 7 requires that a company cease operations and sell assets to satisfy creditors, and should be regarded as something of a last resort for a lost cause
Who to Trust
To learn more about what we can do to help your business through this challenging phase, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C.
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