With the rise and fall of the economy, it can be hard to keep a small business afloat through the low periods. If you’ve owned a small business and it’s gone under or is not doing well, do you know how to close up your business and pay off the creditors? Or, do you know that you may be able to file for bankruptcy and still keep your business?
In some cases, you may want to get rid of your business, pay off your debts, and try something new. If you have too many outstanding debts that you need to pay, however, you may want to speak with a lawyer who works with Bankruptcy in Aurora. By filling for bankruptcy, you may be able to sell off your business or what remains of your supplies to pay off your debts. This can enable you to close the business and get out from under the debts that you may still owe once the business has closed.
If you’d like to keep your business but are having a difficult time getting back into a positive income, you may still want to file for bankruptcy. In this case, however, you won’t be selling off everything to repay debts. A bankruptcy lawyer such as Ledford & Wu can help you restructure your business to enable you to repay the debts while keeping your business open. This type of bankruptcy may give you the second chance you need to get your business going again in an improving economy, and the restructuring may help keep your business from falling into the same trap again.
In either case, you’re going to want to speak with a lawyer before you proceed with the bankruptcy, as you want to make sure that everything is done correctly and as soon as possible. Your lawyer will be able to help you decide which type of bankruptcy is best for you and your business, and they’ll be able to help you through each step of the legal process. Once the process is complete and you have paid off the debts that you owed, you can move on with your life and, if you have restructured your business, work to keep your business income positive through the restructuring that your lawyer helped you with. Get more information here!
