Facing overwhelming debt is beyond daunting in our current economy. For many businesses in Waseca, MN, however, debt reorganization bankruptcy may offer a path towards financial recovery. The debt reorganization process allows debtors to restructure their debts, develop a manageable repayment plan, and regain control over their financial future. If you’re a business owner struggling with bankruptcy recovery, the Behm Law Group is here to offer support and counsel throughout the reorganization process.
Debt Reorganization Bankruptcy
Reorganization bankruptcy is a structured and court-supervised approach to debt relief. It is particularly well-suited for business owners who are hoping to continue operations while addressing their debt issues. If you survive on your business, this method of bankruptcy will give you an opportunity to catch up on missed rental payments, loans, or other secured debts without risking company operations.
Stopping the Calls
This process comes with the added benefit of stopping the calls from debtors and giving you room to breathe, so to speak. Once you file, you have a few months to craft a repayment plan with your legal team and advisors. It’s a legal way to press pause without losing the business you’ve built.
Debt reorganization bankruptcy does come with limitations. If your business is struggling to make ends meet, you may still be advised to sell off assets or liquidate your business, even if it’s not explicitly required by the court. The ultimate goal may be to pay off your debt without losing your current assets outright, but if it’s not financially possible to do so, other strategies will be employed.
Making the Right Choice
If you’re not sure if debt reorganization bankruptcy is the right choice for you and your business, be sure to consult with a lawyer before filing. Making a snap decision about the type of bankruptcy that applies to your situation can lead to unexpected legal pitfalls. The legal team at Behm Law Group can help you understand the pros and cons of each bankruptcy type and bankruptcy recovery to guide you towards a complete financial recovery.
Business owners large and small in the Waseca, MN area can contact Behm Law Group today for bankruptcy recovery consultations. Make an appointment by calling (507) 387-7200 or by visiting our website to find out more information.