What Businesses Should Know When Considering Filing for Bankruptcy

Let’s face it – nobody likes to talk about debt, especially when it’s a significant amount of debt. But between business loans, building rent and lease payments, unexpected expenses, emergencies, and the like, debt just happens for many businesses. Once you find yourself and your business in debt, it can be incredibly difficult to get yourself out of debt. Consequently, you may be faced with mounting bills that you can’t pay.

This is a scary situation for anyone to find themselves in, and is particularly terrifying when you have a family relying on your income and the profitability of your business. Many business owners are unsure of where to turn for debt relief, and believe that bankruptcy is a death knell for any business. But that’s actually a common misconception. Below, we outline what bankruptcy is, when you should file, and how it can help your business.

What is bankruptcy? 

Whenever your debt is too much and you cannot repay, filing for bankruptcy with the help of a bankruptcy attorney is an option for you. This way you can keep almost everything you own and pay little to nothing to creditors. Many factors will determine if bankruptcy is right for you, like your income and your assets. 

Bankruptcy shows up in a credit report for up to 10 years, but that won’t stop you from rebuilding your score and getting a mortgage if desired. And you don’t have to wait 10 years. Reaching a fair credit score can take as little as 24 months. 

Don’t be ashamed to file for bankruptcy. This is an option that is available to many people, and they still don’t know it yet. The lawyers at Wink & Wink will help you find the best solution for you. There are several types of bankruptcy like chapter 7 and 13 bankruptcy, and small business bankruptcy. Call Wink & Wink today if you have questions, as they are available to help. 

What is debt settlement?

With debt settlement, the bankruptcy attorneys will negotiate with creditors to reduce any balances you owe. Reductions can be up to 50%! Wink & Wink are skilled negotiators and will bring down the debt significantly. 

Keep in mind that you have to meet several requirements to work through this process. For example, you must already be late in payments or you might not qualify. Also, you might need a lump sum of cash to pay off some creditors. Not all of your debts can be settled. Debt that cannot be settled includes student loans. 

To avoid the hassle of dealing with creditors, call Wink & Wink bankruptcy attorneys to help you settle your debt quickly and efficiently. You can save a huge amount of time and creditors know that when they’re dealing with a debt settlement attorney on your side, they won’t get very far trying to push you around.

What is tax resolution?

With the help of attorneys, you can get relief from the IRS by being put on a payment plan, all to achieve tax relief. If the IRS is taking all your money, call a tax resolution attorney. They are experts at releasing you from levies or garnishment within a few days. 

When is it time to file for bankruptcy? 

If you have found yourself in an unexpected situation and cannot meet your financial obligations, then filing for bankruptcy can be a sensible option. You can file for bankruptcy if you’ve lost your job, if you have serious medical expenses, or for any other reason. If you need a consultation with bankruptcy lawyers to discuss bankruptcy, you can schedule a free consultation at winkandwink.com.

Choose help wisely

When it comes to filing for bankruptcy, or any sort of debt settlement efforts, consulting an experienced bankruptcy attorney is the best way to go. Many offer free initial consultations, and they’ll do an in-depth evaluation of your current debt, all assets you have – both liquid and fixed, and additional things, like your employment status and history. Once this is complete, and you’ve all had a thorough conversation, most experienced lawyers will be able to give you an action plan, which may or may not require filing for bankruptcy right away.

If you require some debt relief, you don’t need to suffer any more. While it sounds scary, bankruptcy will only make things better for you and your family’s future. Don’t drown in debt and suffer in silence. Find a reputable lawyer who can help you today.

Alex