Should You Close the Business Down?
It’s the dream you’ve always had…and now it feels like a nightmare. You’ve always wanted to start and run your own business. You did your homework, put everything in place and made the move…you’ve invested your life savings to make a go of it. But it’s just not succeeding and you don’t know why. Now you face the big question: do you keep working at it or do you throw in the towel? When (and how) will you know if you’re just throwing good money after bad? Should you try to restructure the business or just be done with it? When do you file for business bankruptcy? This is when a New Jersey bankruptcy attorney can help.
Unfortunately, when you have a lot invested in a business—both financially and emotionally—it can be hard to be objective about what to do. The decisions you make when financially and emotionally stressed can often just make things worse. That’s when, for example, you might be inclined to make the really bad decision to ignore your payroll taxes so that you can pay other bills. That’s never a good solution—there’s a 100% penalty for failure to pay payroll taxes. This is just one example of people “jumping from the frying pan into the fire.” Mistakes are costly.
A common barrier is a misconception of what a bankruptcy means. Bankruptcy laws are there to be used to help you move forward. Bankruptcy is not a sign of failure—it’s a sign that you’ve decided to take meaningful steps to change your situation. Consider this—two of the most successful people you’ve ever heard of—Henry Ford and Walt Disney—both declared bankruptcy before they could succeed after getting a fresh start.
Often, when your business is struggling, you need a new perspective to help fully understand your options and what to do. That’s when an experienced business and bankruptcy lawyer can be essential—someone who can objectively look at all aspects of your business and give you a realistic appraisal of your long-term prospects.
Contact Neuner & Ventura, LLP
At Neuner & Ventura, LLP, our bankruptcy attorneys know that the bankruptcy process can be intimidating and confusing. We offer a free initial consultation to every client. For an appointment, call our office at 856-596-2828 or send us an e-mail. We do, however, reserve the right to charge a fee to review any work done by another attorney. Evening and weekend appointments are available upon request.
Representing Clients across South Jersey