It takes a lot of time, effort, and money to successfully launch a business. Oftentimes for a lot of people, opening one is their lifelong dream. It is normal for businesses to experience highs and lows during their inception. There may be moments when owners need to call upon a Chapter 11 bankruptcy attorney in Northern Virginia to help them decide what’s best for their business when it is having a hard time keeping afloat, and that’s perfectly okay.
There are many factors that can affect the performance of a business. In 2020, the onset of the Covid-19 affected numerous companies around the globe both big and small. On the news, it was common to hear about establishments shutting down because of the pandemic.
Sometimes, owners have to consider the decision of filing for bankruptcy when things aren’t going the way they expect. The term “bankruptcy” might sound scary especially for newbie business owners, but the fact of the matter is that it doesn’t necessarily mean a bad thing.
Before we go into the different types of bankruptcies, it is also worth mentioning that filing of bankruptcy is not reserved for businesses alone. Even individuals can do this depending on their needs. For example, if you’re a teenager that is up to ears on student loans, filing for bankruptcy can give you a reprieve.
Hiring a Chapter 11 bankruptcy attorney in Northern Virginia is a key step when you are having financial difficulties and want to file for bankruptcy. These professionals have much knowledge and can help you navigate the path of finding the right solution.
Nowadays thanks to technology and social media, you can get in touch with a law firm at the press of a button. In Northern Virginia for example, the Bolger firm can be contacted through telephone or via private message on their Facebook account. There is also a website so you feel confident about sharing your problem with experts.
What is Chapter 11 and how can it help me?
When it comes to businesses, there are also various types of bankruptcies that owners can consider. One type is Chapter 11 which is specifically geared towards helping small businesses.
If you own a small business that is going through some troubles, chances are that a lawyer will recommend you to explore the option of filing for Chapter 11 bankruptcy. By doing this, owners can breathe a sigh of relief because creditors will be stopped from taking collections in the meantime.
Another important thing to note is that Chapter 11 is ideal for those who desire to keep their businesses going, as opposed to stopping operations and selling what is left of the company after the debts are paid off.
Doing this will essentially allow the business owner and their attorney to reorganize a struggling business, pay off the debts that have been incurred, and also consider the welfare of the employees that will be affected by this change.
If your small business is experiencing a bumpy road especially during the pandemic, you don’t necessarily have to say goodbye to your business entirely. All you need is a little help so you can pause, regroup, and find the next steps that will be most beneficial for your business.
If you need a Chapter 11 bankruptcy attorney in Northern Virginia to help you with your business, contact our team at Bolger Law Firm today. We are here to help when you need help the most.