Bankruptcy is not something that most people want to consider or are happy about when they realize it is their only real option for financial recovery. There are potential complications that can arise after people file bankruptcy but, in most cases, the damage to their credit has already occurred, and filing just means they will have the opportunity for a fresh start. For business owners, the prospect of bankruptcy is intimidating because they are concerned about the loss of their livelihood, but there are ways to help preserve a business. In many instances, businesses can even become stronger following a bankruptcy.
When filing chapter 13 in St. Louis, business owners are not liquidating their property and walking away. Instead, they are agreeing to repay their debts according to a structured plan. In many instances, this method makes it easier for people to negotiate with creditors to potentially eliminate some debt by erasing fees or late charges and extending payments over a period of time. It is a plan that factors in necessary operating and living expenses too, so companies and individuals can continue to also meet their daily needs as well.
There are multiple ways that bankruptcy cases can be handled. Even with businesses, there are two different methods that are possible, based on the type of business, amount of debt, and the number of assets. The Law Offices of Steven K. Brown are able to help business owners and individuals better understand what their options are and help them navigate through a process that is complex and often confusing.
In addition to chapter 13 in St. Louis, residents also have the option of filing either chapter 11 or chapter 7. So, if one method will not be able to successfully help people to solve their financial distress, there are still other plans to consider. Before walking away from a business or continuing to struggle with the stress of collection calls, contact a lawyer for a consultation. Browse this website to read more about the basics of bankruptcy protection and to learn more about the law firm. Contact them to answer any questions or to schedule a consultation.