Owning a business can be a difficult and complex undertaking. For many business owners, it means spending their days worried about daily operations as well as financing the business. Unfortunately, it can be easier than you think to find yourself with money troubles. However, there is hope for struggling entrepreneurs. Consider the following ways in which hiring an attorney to help with Chapter 11 bankruptcy can help alleviate your financial issues:
Stop Harassment
Being in business can be overwhelming enough without having to deal with harassment from aggressive creditors. When you can’t afford to pay creditors, you may face property foreclosure, repossession of your belongings, or even litigation. A Bankruptcy lawyer St. Paul MN can help you file a petition right away so that the court can grant you an automatic stay that requires all creditors to cease collection efforts until the bankruptcy case is done.
Stay In Business
One of the best things about Chapter 11 bankruptcy is that it allows you to continue operating your business even after you file a petition. Not only does this mean that you get to hold on to everything you’ve worked so hard for, but it also allows you to keep your customers happy and generate more money that you can use to pay off debts. You can then work with your Bankruptcy lawyer St. Paul MN to develop a repayment plan that works with your current income levels.
Restructure Debts
For many business owners, paying off their debts would be much easier if they had the help of a Bankruptcy lawyer St. Paul MN who could help them figure out how to reduce and restructure their business debt. Fortunately, Chapter 11 bankruptcy makes this possible. With this type of petition, you may be able to defer your rent for a period of time, extend the amount of time that you have to pay unsecured tax debt, and even reject certain contracts for equipment and other items that you no longer need. These things, in turn, help you reduce your debt and extend payment periods so that you can start turning your finances around.
Many entrepreneurs who are overwhelmed with debt find that working with a bankruptcy lawyer helps them breathe easier when it comes to business finances. Let a professional from Lamey Law Firm St. Paul MN help your company find the right solution to getting out of debt so you can grow your business to new heights. Visit the website for more information.
