Failing Business? Consult With A Chapter 11 Bankruptcy Lawyer Before Filing

It is the dream of many to have their own business, whether this is a formal brick and mortar establishment or something run over the internet. Free help and guidance from the government, along with advances in technology and the increased ability to reach larger consumer bases has made this opportunity more available to the average individual. Naturally with an independent business, there comes a lot of responsibility and paperwork involved in running it and documenting all activities in order to be compliant with federal and state laws. Some people are inherently great with recordkeeping, some people aren’t.

Even more important to the success of any independent endeavor is the status of the economy. Why is this? If the economy is failing, as it is currently, more consumers hold on to their money, cutting discretionary spending to a minimum. If a business sells items or services that aren’t considered by most as essential to daily living, then sales drop. This drop in sales can be detrimental to any business, and can force the owner of the company to have to close its doors, or seek protection from their creditors by filing for protection under federal law. Any business owner that finds themselves in a predicament where this seems to be the best option should consult with a chapter 11 bankruptcy lawyer before they file insolvency.

With our ability to gain access almost any information we wish to research over the internet, we obviously have all of the laws, provisions, and rules pertaining to the laws surrounding bankruptcy at our disposal. We can also access articles about the subject, blogs about personal experiences with it and interpretations of the law written for the web. It is even possible to obtain all of the paperwork associated with filing a petition in court. Of course our ability to get all of this data leads us to wonder why consulting a chapter 11 bankruptcy lawyer is an important. After all, it seems like everything we need is at our fingertips, right?

The problem with going off of information acquired solely from the internet is that it may not necessarily be accurate, up to date or even completely understandable. It may not even be written by a professional in the field of law. As you would expect, anything found on the official government website will be both up to date and factual. However, as with most governmental documents and legal publications, this information is extremely hard to digest. As such, consulting a Chapter 11 bankruptcy lawyer is always a good idea for any company that seems to be going under. Beyond the fact that the initial consultation is a free meeting, a chapter 11 bankruptcy lawyer will be able to decipher the law as it pertains to one’s personal situation and advise them on whether filing a petition in court is even the right thing to do.