What A Chapter 11 Monterey Bankruptcy Can Mean For Your Business
by Patrick Thomas
Bankruptcy is something most individuals and companies want to avoid if they can. It is usually costly and time consuming. It can also be damaging to one's reputation and destroys good credit ratings. Purchasing anything on credit can be difficult for a number of years. Eventually the bankruptcy information will be eliminated from your record, but it comes at a price. If you are contemplating filing <a href="http://centralcoastbankruptcy.com/chapter-11.html">chapter 11 Monterey</a> experts want you to make an informed decision.
You do not necessarily have to be losing money in order to file for this type of bankruptcy. You might still be seeing some net profit but have more debt than you can handle. It could be because of a downturn in the stock market, some bad business decisions, a weak economy, or poor judgement, but this looks like your only option.
One of the up sides of this decision is that you can still keep your company running and pay your employees while you work out an agreement with the court system. You will not have to worry about repossession of equipment, law suits and fines during this time. It may be necessary to reduce some departments and lay off staff in order to keep going, but some employees will still have jobs and some security.
You will definitely need legal representation if you make this decision. The laws can be complicated. You need someone with experience and expertise. A professional can make sure your assets will not be liquidated, that you can stay in operation and pay employees throughout the process, and that you structure a debt consolidation plan the courts will approve.
This is not going to be an inexpensive endeavor. Business bankruptcy is complicated and time consuming. You are going to have to meet a number of times with your attorney to talk over strategy plans. You will have court dates when it will be important to convince a judge you are meeting the criteria laid out for your situation.
A good restructuring plan is a requirement of the court. You also need it as your own personal strategy guide. Hopefully you have learned from your mistakes and are taking measures to see they don't occur in the future.
You will be required to meet with your creditors to make sure they are in agreement with your plans to deal with your debt. As long as they are listed in the bankruptcy and feel they are being fairly represented, your creditors will not have reason to file a claim against you. If you leave people you owe out of the bankruptcy, those individuals or companies have the right to go after you in court.
Declaring bankruptcy is not an easy decision, but it may be the right one for your business. With a new plan, you'll have a fresh start and a better chance for future success.
When you are searching for information about a <a href="http://centralcoastbankruptcy.com/chapter-11.html">Chapter 11 Monterey</a> residents can come to our web pages here. More details are available at http://centralcoastbankruptcy.com/chapter-11.html now.
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