There is no room in the rough and tumble world of entrepreneurship for the faint of heart. The rewards for a successful business venture can be extraordinary. Financial gains, seeing your innovation or service make a significant impact upon the community, and growing your own professional reputation are only some of the potential returns. But although it is tempting to focus solely on the positive possibilities, the harsh reality is that many business ideas - even those which are exciting and meritorious - simply do not manage to withstand economic and market pressures. But rather than giving up on your dream altogether, it may be worthwhile to consider seeking Chapter 11 bankruptcy protection.
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The early stages of a new business's development require significant investments of not only time, but also of money. Because it is unlikely that you will be independently possessed of the financial resources that are necessary to obtain the space, equipment, and other concerns that must be resolved initially, you most likely took on tremendous amounts of debt. Retail companies extend seemingly generous credit to businesses and banks are often willing to grant small business loans to help clear those looming hurdles. But a slow start can leave you unable to keep up with your repayment obligations and the result can be disastrous.
Chapter 11 Bankruptcy - A Last Stand
You have no doubt worked very hard to see your business idea make the transition from mental spark to real world presence. There are many factors that may be weighing against its financial success at the moment, and some of them you simply could not have anticipated regardless of whatever preparations you may have made. While it is conceivable that your endeavor may be proving itself to be nonviable, it more likely that you merely need to adapt to the circumstances that you have encountered.
Chapter 11 of the United States Bankruptcy Code offers businesses the opportunity to negotiate new repayment arrangements with their creditors and to restructure the operational organization of the company. Beyond that, the company will be allowed to continue the conduct of normal business while under the auspices of bankruptcy protection. During the course of the bankruptcy, a business must live up to the terms established in a bankruptcy plan, otherwise there will be no further chances granted. The bankruptcy judge overseeing the case will determine one of the following shall take place:
The company will be permitted to "emerge" from bankruptcy, unencumbered by any stipulations The company will be compelled to convert to a Chapter 7 bankruptcy and permanently cease its business
Is Bankruptcy Right For You? Talk to Bankruptcy Attorneys Free and Confidential. Licensed bankruptcy attorneys are available. Attorneys will call you to discuss your case for free. Find out if bankruptcy is right for your situation.
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