Protecting Your Business
Many millions of people face financial difficulties at some point in their lives. Even businesses sometimes have to contend with financial distress. In many cases, especially recently, business owners have found comfort and relief through the bankruptcy process. Through bankruptcy, business owners can take steps to protect their businesses and perhaps prepare for a more successful commercial future.
If you or someone you know is considering filing for business bankruptcy, contact an experienced Raleigh Chapter 7 business bankruptcy attorney of Bradford Law Offices, PLLC, today by calling us at (919) 758-8879. We are committed to helping our clients through the bankruptcy process so they can look forward to a better financial future and can explain exactly how Chapter 7 bankruptcy might affect you.
Chapter 7 bankruptcy is one the most common forms of bankruptcy since it’s available to both individuals and businesses. When a business owner files for business bankruptcy, he or she likely wants to take steps to protect as many aspects of the business as possible. In general, business protection in bankruptcy functions through:
- Business evaluation – examining and evaluating financial aspects of a business and analyzing its business prospects for the future.
- Evaluation of assets – analyzing the assets of a business and evaluating which assets need to be liquidated and which cannot be liquidated to alleviate debts.
- Liquidation – through liquidation, some assets are sold to creditors to eliminate or reduce outstanding debts of the business.
- Ceasing creditor harassment – many business owners who have debt are harassed regularly by creditors, and bankruptcy can prevent this from happening.
- Creation of future plan – businesses have the opportunity to gain a deeper understanding of their finances and plan financially for the future.
Facing bankruptcy can be daunting for business owners, but protecting your business from financial strain through Chapter 7 bankruptcy can be vital.
If you or someone you know is thinking of filing for Chapter 7 business bankruptcy, contact a Raleigh Chapter 7 business bankruptcy lawyer of the Bradford Law Offices, PLLC, today at (919) 758-8879.