If you’re a small business owner on the brink of bankruptcy, you’re not alone. Even some of the nation’s largest corporations have filed for bankruptcy and helped their business because of it. Bankruptcy provides a viable option for keeping your business afloat, especially during the early years where net profit seems unattainable.
One worry that you may have regarding Chapter 11 bankruptcy is that the process will be too expensive and time-consuming to be worth it for your business. Chapter 11 provides special provisions specifically for small businesses that can help speed up the process and reduce fees associated with the case. Some of those include:
- No creditors’ committee
- No disclosure statements
- Plan deadlines
- Longer periods to propose a plan
- Additional reporting duties
- Additional trustee oversight
Small businesses can work with the bankruptcy court to order one or many of the special provisions listed above. These can drastically reduce the amount of time you’d have to spend preparing for the case and, consequently, help your business save money throughout the process.
If your business is struggling and you’re curious about what Chapter 11 bankruptcy can do for you, let our team of experienced attorneys guide you. Avoiding bankruptcy can, in certain situations, lead to a downfall of your business that could have been prevented with the right legal guidance. Let our team evaluate your business needs and provide expert advice to help you make an informed decision.