The decision to file bankruptcy is not one that should be taken lightly, and this is especially true when it comes to your business. There are so many special considerations that entrepreneurs need to make, and the filing process can quickly become confusing. Fortunately, a good business bankruptcy lawyer can help you quickly get over that confusion and put you on the path to financial freedom. If you’ve considered filing for bankruptcy on your own, here are three reasons why you may want to reconsider:1. There are different types of bankruptcy, including Chapter 7, Chapter 11, and Chapter 13. Each has different benefits and drawbacks, and the one you choose will likely be based on a number of factors, including the size and structure of your business and how much debt you have. A business bankruptcy lawyer will look at your unique situation and help you make the filing choice that will help you achieve your business’ financial goals in the least amount of time possible.2. It’s best to consult Business Bankruptcy Lawyers in Marion IL as soon as you realize that you are in over your head with business debt. When you do this, your lawyer will be able to advise you on which actions you should consider stopping in order to avoid putting your bankruptcy case in jeopardy. For example, it may not be a good idea for you to pay yourself a large bonus in the year before you file, as this may be looked at by the courts as a preference payment or even outright fraud.3. Many business owners worry that filing for personal bankruptcy will put them at risk for losing their business. While this may be true for some, there are other cases in which filing for personal bankruptcy and simply including your business debts may be the best (or the only) option available to you. This is especially important when you find that you are personally liable for any corporate debt you incur. A business bankruptcy lawyer will help you identify whether these conditions apply to you and explain your best options for getting out of both personal and business debt.
Don’t allow yourself to flounder in debt. Instead, consult a Bankruptcy Lawyer in Marion, IL who can help you select the best bankruptcy option that will work for both your business and your personal life.
