Is your New Jersey business in financial trouble?
First things first — don’t despair. Even American Airlines, once the world’s largest airline, filed for Chapter 11 bankruptcy a few short weeks ago. We’re living in uncertain economic times and running a thriving business may prove daunting in times like these.
But…bankruptcy may not always be the answer. This may sound strange coming from a bankruptcy attorney but we’d much rather offer our clients the best solution to their problem. Used properly, a bankruptcy is a financial and business planning tool that can save a business from the worst consequences of past mistakes or bad luck. When properly applied, a Chapter 11 reorganization results in all creditors receiving more than they would be getting any other way. Where Chapter 11 is appropriate and successful, the business lives on to generate a valuable product or service, to continue paying taxes, and to generate profit for its owners.
It is never too early to get help planning and thinking about alternatives, even bankruptcy. We do not sell bankruptcy — We sell advice to help you make the right decision for you and your business.