Many small businesses in Ohio and across the country have experienced periods of financial struggle at some point in operation. While in some cases, a company may be able to overcome monetary challenges with time, in others, the problem may persist, potentially prompting a need for guidance on the options for relief. When facing similar circumstances, a small business owner could benefit from exploring the options of filing for bankruptcy.
According to reports, there have been a record number of businesses who filed for bankruptcy over the previous year. This includes a variety of retailers, some of which are large chains that have chosen to shut down a substantial number of stores in an effort to remain operational. With an ever-changing business model, many companies, large and small alike, may struggle to keep up with the competition at times.
However, even when sales drop and monetary obligations become difficult to manage, a company may still wish to push through such issues and remain open for business. Should an owner have a reasonable plan to reorganize finances and once again achieve success, landlords and creditors may be more willing to negotiate as opposed to seeking liquidation. Chapter 11 bankruptcy can assist a business in a variety of ways, and it could be the most beneficial option for everyone involved, including creditors.
When facing substantial amounts of debt, a small business owner could find it beneficial to seek advice before deciding on a path. By speaking with a bankruptcy attorney, a client in Ohio could obtain advice on every available option for relief. An attorney can evaluate a client's circumstances and assist in pursuing a healthier financial future through the necessary outlets.
Source: consumerist.com, "More Retailers Are Actually Surviving Bankruptcy, Saving Jobs And Stores", Laura Northrup, Oct. 6, 2017