Having to think about bankruptcy in any form is generally considered the “end of the road” for businesses. In fact, in recent years we’ve seen a wide array of well-known department stores, event retailers, and craft businesses file for bankruptcy and then close for good. The reality is that in spite of these highly publicized closures, most forms of bankruptcy can be used to preserve and even save a business. Chapter 11 bankruptcy, or debt reorganization bankruptcy, is one such tool that business owners can turn to. If your Marshall, MN business is experiencing a financial crisis and barely treading water, Behm Law Group can help you explore Chapter 11 bankruptcy as a means to save your business rather than lose it entirely.
Understanding Chapter 11 Bankruptcy
If you’re unfamiliar with the term, debt reorganization may just sound like a temporary postponement of your financial issues rather than a solution. In reality, the process of debt reorganization bankruptcy is designed to make your debt manageable, not just move it around. Primarily utilized by businesses, Chapter 11 bankruptcy allows for the restructuring of a business and debts in order to address them effectively. Business owners are given time to make these changes and, with some effort and careful adherence to the bankruptcy requirements, may be able to keep their business afloat for years to come.
How Your Business May Change
While debt reorganization bankruptcy is an incredible tool, it’s not a magical cure. Business owners and debtors will need to provide extensive financial records, may need to downsize or change some major roles, and will have to work with a court-appointed administrator to ensure that the correct steps are being taken. None of these conditions are inherently negative, but they may involve some fairly significant changes to the look and feel of how your business is run. Luckily, throughout all of this, you’ll have professional and legal guidance from Behm Law Group.
Getting the Process Started
If you’re ready to file for Chapter 11 bankruptcy or are interested in discussing the initial requirements for debt reorganization bankruptcy in general, our legal experts can help you begin the process. At Behm Law Group, we can discuss your financial situation and evaluate if debt reorganization is the best option for your individual business needs.
Marshall, MN business owners and managers in need of financial support or relief can contact our legal experts at (507) 387-7200, send us an email, or visit our website. Chapter 11 bankruptcy can be stressful and confusing, but Behm Law Group is proud to provide legal advice to small business owners and other Minnesota local business professionals. Call us today to find out more about bankruptcy solutions.
