Business Law Representation That Respects Your Bottom Line

Business Bankruptcy: How Are You Feeling?

On Behalf of | Oct 4, 2021 | Bankruptcy Law

At May Brock Law, we understand that there are real people behind businesses. We know you have real feelings. We want to help you overcome the overwhelming fear that comes with business bankruptcy. We know that you might be terrified. We know that you might be hurting and need guidance. May Brock Law wants to see you through this painful ordeal and to show you that some goodwill probably come out of this unfortunate situation once it’s all said and done.

We are not going to treat you any differently when you walk through our doors. We’re going to make you feel at home. We’re going to treat you with respect and dignity. We’ve worked with enough clients over the years and we’ve seen their pain. We don’t want to make the pain any worse.

We also know that as a business person you’re probably very proud of the business that you created. You’re going to possibly want to keep the business going or you might want to just shut the doors and walk away from it altogether. We can help you decide. You’re not in this decision alone. We’re going to give you advice and let you know the good and the bad so that you can make a wise decision for your needs.

This article is really not about making decisions concerning the type of bankruptcy that you might choose. That is something that we will go over with you once you decide to let us work with you. We can help you make a decision based on fact and not fiction. A decision based on reality and not fear.

This article is to help you get through the stress and strain of going through the process.

So, let’s talk about some of the ways you can help yourself overcome that overwhelming fear of possibly going through a business bankruptcy.

Really super brief overview of the 3 Types of Business Bankruptcy

  • Chapter 7 bankruptcy may help save your business or help in liquidating it
  • Chapter 11 bankruptcy may help restructure and eliminate debts and continue in operation
  • Chapter 13 bankruptcy may help reorganize your business debts and require you repay a portion of the debt

Again, choosing and deciding on the type of business bankruptcy is beyond the scope of this article. We want to help you with the bigger, more immediate issue that you face. We want to help you to get you through your business day and then later to get some sleep at night.

Here are 5 immediate thoughts of things to do when you go to work tomorrow

•             Remember the things that are going right with your business

•             Rank the business tasks that you still need to accomplish

•             Start writing everything down and quit having so many negative thoughts

•             Take regular and consistent breaks while at work and even while home

•             Get plenty of sleep, exercise and quit worrying

Frequently asked questions that most business owners think about before filing bankruptcy

  • Are You or your wife Personally Liable for Business Debts?
  • Will Bankruptcy Help If I Want to Continue My Business?
  • Can you go to jail or prison for racking up business debt that you can’t pay?
  • Can I start a new business after business bankruptcy?
  • Can I get business loans after bankruptcy?
  • Will business bankruptcy affect my personal credit?

Things you don’t want to do if you’re thinking about bankruptcy

  • Don’t Make Preference Payments to Creditors
  • Don’t Borrow From Friends or Family Unless They Can Afford to Lose It
  • Don’t Pay Yourself a Bonus or Back Pay
  • Don’t Go on a Shopping Spree
  • Don’t Take Equipment or Supplies From Your LLC or Corporation
  • Avoid Taking Cash Advances on a Credit Card
  • Don’t Pay Off Your Car Loan
  • Don’t Panic About Utilities or Your Lease
  • Don’t Keep Leased Property
  • Don’t Let Your Insurance Coverage Lapse
  • Don’t Pay All of Your Unsecured Debt
  • Consider Selling Some Nonexempt Property

Get the facts and stop worrying. Bankruptcy is serious but with help from a Business Bankruptcy Attorney working on your side, you can get through the process and live to tell about it.

The best thing that you can do is at least give us a call to talk. We will treat you with absolute respect. Remember, we’re here to help and we can make a difference.

May Brock Law