When you are a Chicago business owner going through financial hard times can be expected and is part of running a company. However, there may come a time where you are unsure of the success of your business and maybe wondering whether you can keep your company running or not. At this point, you may consider looking into filing a Business Bankruptcy Chicago attorney to assist you with this decision. It can be overwhelming to make this choice but with the assistance of a bankruptcy lawyer they can help you with any business bankruptcy questions you may have.
There are many things to consider when making the decision to file a bankruptcy petition for your company. Many business proprietors make this choice based on what their debts are and if they can settle them and still make a profit. This may seem like a clean cut choice but there are other things to consider as well. For example, the debtors that you owe can contest such a claim and it can be denied leaving you with costly court costs and adding to your debt. Something else to consider is which type you should file as there are a few options available. Some bankruptcies offer the ability to restructure your business and to repay those debts that you owe and others offer the ability to not pay your debtors at all and close your business down. Again this would be a good time to contact an attorney that specializes in this type of law and can answer any of your business bankruptcy questions that you may have.
This is not a decision to be made lightly though as there are consequences to this type of action and as it doesn’t affect just the owner who filed. Because of the rise of many companies that file bankruptcies many businesses have to compensate for their loss and raise prices to consumers to do just that. Another negative result is the reliability of your company and that can affect potential investors as they may not want to invest in a company that has a poor financial history. Bankruptcy can help a company get back on their feet but it should be considered a last resort option as it can affect the consumers as well and hurt your company overall.