If you are an owner of a small business, you understand the incredible work, the sacrifices, and the emotional investment involved in making your business successful. It is part of your American dream-something of your own that you hope will be part of your legacy. But small businesses are risky, which leads to some taking on far more debt than they can afford to repay. While some businesses may choose to shut down and seek relief under Chapter 7 bankruptcy, some small business owners choose an alternative of Chapter 11 relief.
If your small business is struggling with debt, filing for bankruptcy might be a good choice. Small business owners have several options available to help eliminate debt. The best option is to consult an attorney to discuss all the alternatives available based on your unique needs and circumstances.
If you are a business owner who is drowning in debt, it may be time to consider filing a business bankruptcy. Depending upon the financial situation your company is facing, you may want to reorganize or liquidate the business.