Making the tough decision to file for bankruptcy


Many say this is the most challenging economic time since the Great Depression. Credit is tight and businesses as well as individuals are feeling the pain. As one rides down Main Street one can’t help but notice the growing number of vacancies, both in retail and commercial space. Business failures are up and, as a result, more and more businesses are seeking bankruptcy protection.

Where the bankruptcy courts once served as a haven for distressed businesses to obtain a “time-out” during which time they could regroup and reorganize, changes in the bankruptcy code have accelerated the Chapter 11 process. Thus, in order to better assure that a company will emerge from bankruptcy, it is advisable that, before filing a bankruptcy petition, a go-forward plan is already in place. That plan may be a traditional settlement with creditors, the infusion of new capital or the sale of all or part the business.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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