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Can I save my business through bankruptcy?

Starting, building and running a business is a continuous act of courage. It takes courage to overcome self-doubt or the doubts of others about your idea. It takes courage to put your money on the line, or possibly even your property as collateral to secure start-up funding. It takes courage to keep going even if the profits do not start rolling in right away. It takes courage to keep from second-guessing the wisdom of your decision to become an entrepreneur.

Of course, if fortitude was all that it took to be successful in business, there would be many more business owners in Ohio right now than there are. Sometimes initial plans do not work out. Sometimes you can be a victim of bad timing, such as starting a business during unfavorable economic conditions in the state or even nationwide. There is always the risk of not succeeding right away; many of America’s greatest business tycoons, from Henry Ford to Donald Trump, have shared one thing in common: they have experienced business failures.

The other thing they have in common is that they came back from those failures.

Sometimes the greatest courage you can muster is the courage to accept that as a business owner, you need help. This is especially so if you must consider a form of business bankruptcy. Whether at a personal or professional level, bankruptcy is never something that is easy to contemplate or to go through, but in both sets of circumstances sometimes it is what is necessary.

At Minnillo & Jenkins, we know how to help our entrepreneurial clients to look at all the options available when their businesses are in difficulty. Sometimes bankruptcy may not be necessary. Other times, a Chapter 11 bankruptcy may allow you to stay in business long enough to realize or restore profitability. Or on occasion, you may need help to wind things up so you can start over again. No matter what your specific situation is, we can help you to understand the choices before you, to weigh their advantages and disadvantages, and to implement the solution that is best for you.

An initial evaluative consultation with one of our attorneys is free of charge. You can schedule an appointment online, or by calling our offices.

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