Owners of small businesses who face financial challenges have tough decisions to make. Do you try to negotiate with creditors to keep the business going? Or does it make sense to file bankruptcy – and if so, what type?
A few months ago, we published a white paper called, “Business Owner Bankruptcy: Opportunities and Threats.” In the paper, we discuss important factors to keep in mind if your cash flow starts to dry up, including:
- What happens if you personally guaranteed loans to the business
- When Chapter 7 bankruptcy makes sense when seeking debt relief
- Which assets you can keep in a Tennessee bankruptcy
Our paper is a resource intended to explain how the bankruptcy process generally works, as it applies to business owners. Reviewing it should give you some sense of what to expect. To find out more, give our firm a call and we will help you analyze your specific situation.