When your business is facing mounting debts, you may need to consider the advantages of filing bankruptcy. Choosing to file bankruptcy does not mean failure. It gives you a chance to pay off your debts and resume normal business operations. However, hiring a lawyer may help you with the proceedings.
Receive Help Choosing the Right Type of Bankruptcy
There are multiple types of bankruptcy available for businesses and business owners. The common bankruptcy solutions include Chapter 7 and Chapter 13. With Chapter 13, you can pay back your debts over a period of three or five years. Chapter 7 requires you to liquidate your assets to pay off your debts.
Bankruptcy proceedings are complex and may require the assistance of an experienced bankruptcy attorney. Contact the experts at Fred Wehrwin, P.C. to discuss your situation and learn more about the types of bankruptcy to determine which path is best for you.
A commercial bankruptcy lawyer helps you consider Chapter 7 and Chapter 13 bankruptcy. He or she explains the process along with the pros and cons of each option.
Ensure That Your Proceedings Go Smoothly
Filing bankruptcy is a major process and involves a lot of paperwork and court filings. If you make a single mistake, your proceedings will be delayed. A commercial bankruptcy lawyer in Fort Wayne, IN ensures that the process proceeds smoothly and that you properly file all necessary documents.
Stop Dealing with Collection Calls from Creditors
Another advantage of working with a commercial bankruptcy lawyer is putting an end to annoying collection calls from your creditors. Lawyers can negotiate with creditors on your behalf, allowing you to focus on other matters. If you file Chapter 13 bankruptcy, your payments are handled through a trustee, which also helps you avoid dealing with creditors.
The decision to file bankruptcy should not be taken lightly. Always review your possible strategies and consider working with an attorney to explore the benefits of bankruptcy options. You can also connect them on Facebook.
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