There are various forms of bankruptcy protection available to corporations, each of which is designed to resolve a different set of concerns and has distinct filing requirements and repercussions. Contrary to prevalent belief, filing for bankruptcy does not necessarily mean that a company will no longer be able to operate or that its assets will need to be liquidated to satisfy creditors, suppliers, or other parties to whom it is indebted. A competent and experienced bankruptcy attorney can provide you with invaluable insight into the potential benefits and drawbacks of a variety of debt relief options.
Date for Filing
Unavoidable difficulties are to be anticipated during the early years. Even multinational corporations are susceptible to fluctuations in the global economy and consumer preferences; consequently, there is a strong temptation to embrace or disregard some financial issues as typical. But having blind faith that things will improve or trying to ignore a growing backlog of unpaid bills and other debts will not help the situation and will only make it worse and more difficult to overcome in the future.
Generally, a pattern of consistently being unable to make full and on-time payments should serve as an indicator of grievous problems. Consider the following business bankruptcy organization to assist you in gaining a foundational comprehension of bankruptcy issues:
Small farming, fishing, and ranching enterprises may file for Chapter 12 bankruptcy.
Both Chapter 12 and Chapter 13 offer a business the opportunity to restructure and reorganize its operations and debt repayment terms.
Chapter 7 requires a company to cease operations and sell assets to satisfy creditors, and should be viewed as a last resort for a hopeless situation.
Who to Believe
Contact the bankruptcy attorneys of the Harmon Law Office, L.L.C. in Arizona to learn more about what we can do to assist your business through this trying time.
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