Going bankrupt is one of the most unsettling experiences for businesses and individuals. If you are running a business in the 21st century, bankruptcy is a situation you may have to face. Put simply, bankruptcy is when you have accrued more debt than you can conceivably pay. These debts can be the result of mismanagement or just changing circumstances. Most commonly, people will over-invest in their own businesses or homes. Changes in the market will disrupt their revenue stream and create serious issues with their finances. Bankruptcy attorneys specialize in helping you navigate the murky legal waters. Here are some signs you might need a bankruptcy lawyer.
Growing Debts
You need to keep good books to help you decide when to contact an attorney. If you have books that detail your revenue reliably as well your expenses, you’ll be able to map out the trend lines. If your revenue is sinking while your debt is growing, you might need to contact bankruptcy attorneys in Toms River, NJ. If they are moving in parallel lines, you might be able to pull it together with a good quarter or two. However, if the gap between your income and your expenses widens consistently, you are probably headed for bankruptcy.
Declining Revenues
If you are running a business or just working a job, declining revenues can be an early warning sign. This warning sign could be related to the changing nature of the business you’re in. For example, if you are in the trucking business, you might see driverless trucks begin to price you out of the market in the next decade or so. If you see your business revenues shrinking with few prospects of turning around, you should contact bankruptcy attorneys. Even if you’re not bankrupt, they can help you re-negotiate your debts and obligations.
You don’t have to suffer just because your revenues have slowed down.
