How To Survive Bankruptcy As A Small Business Owner
June 11, 2021
As a small business owner, you want nothing more than for your business to succeed. However, in today’s tough economy, it is harder than ever to keep a small business afloat. If you have to file bankruptcy, don’t think of it as the end. Here’s how you can survive bankruptcy and start over with a clean slate.
Develop & Present A Plan For Success
Once you’ve evaluated your business’ financial condition with the help of an experienced small business bankruptcy lawyer, it’s time to develop a plan for success. Create a plan that allows you to meet your debt obligations and, if possible, still keep your business open while striving toward creating a profit. Present this plan of success to your creditors to let them know you are actively working toward financially sound goals.
Communicate
Small business owners can be embarrassed by the need to file for bankruptcy. They can become withdrawn and afraid to talk to their vendors, investors, or the bank. However, a lack of communication with these entities can actually make your situation worse. Be sure to stay in touch with your investors, your vendors, and your creditors to keep them informed of what is going on. They need to understand that you are not only aware of the situation your business is in, but that you are also taking an active role in handling the situation to the best of your abilities.
Let Go If It’s Time To Let Go
Sometimes, there’s no other option for a small business than to declare bankruptcy and close the doors. If your business is “worth more dead than alive,” take heart. If you continue to put effort and investments into a sinking ship, you’re going to rob yourself of opportunities to take those investments elsewhere, where they have a better potential to grow successfully. If it’s time to let go of your small business and move forward, it’s okay to do so.
Contact A Small Business Bankruptcy Attorney Today
Navigating through the bankruptcy process as a small business owner can easily become overwhelming. You’ll need the guidance of an experienced business bankruptcy lawyer. Attorney Joel M. Aresty, P.A. can walk you step by step through each stage of filing for bankruptcy and can help you create a plan for success that you can execute. Your success is his goal, and he is committed to your case. Call today for a consultation to discuss your legal needs at 1-855 DOC LAWS.