4 Tips for Handling Business Bankruptcy - Heupel Law P.C, Denver, CO

Last updated 11 hours ago

As a business owner, you?ve spent countless hours trying to turn your company into a success. However, if your business is no longer financially stable, then bankruptcy may be a way for you to avoid further financial problems and even save your business. Filing for bankruptcy is not an easy process, and can be very stressful for you and your partners. Here are four tips to help you get through your business bankruptcy.

Have Your Books In Order

In order to make sure your bankruptcy filing goes smoothly, it?s important for you to have well documented and organized records that show you?ve done everything you can to be financially responsible in the way you run your business. Courts and creditors will be far more understanding when they know you?re making a good faith effort to fix your financial situation.

Be Honest with the Court and Your Creditors

When you petition for bankruptcy, you are submitting a legally binding document. Intentionally leaving creditors or assets off the bankruptcy petition, concealing assets, or being dishonest with your attorney, the court, and your creditors can land you in a lot of trouble. Additionally, you?ll also find that creditors will be far less likely to negotiate with you if you?re caught in a lie.

Be Realistic With Yourself and Your Partners

Companies can become financial unstable for many reasons. Depending on the cause, your company may or may not survive the bankruptcy process. Speak to a bankruptcy attorney or advisor about the prospects of surviving as a company after bankruptcy, and then make plans with your partners accordingly.

Hire a Bankruptcy Attorney

The best way to get through a business bankruptcy is to have excellent legal advice and representation. Even the most savvy business owners don?t have the legal knowledge or experience to navigate the complex and confusing bankruptcy process.

To learn about your company?s bankruptcy options, contact Heupel Law P.C. We specialize in working with Denver businesses to ensure financial stability through bankruptcy. Call (720) 583-8310 to learn more.

Source: http://www.coloradobankruptcyadvice.com/197149/2011/08/05/4-tips-for-handling-business-bankruptcy.html

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