Throw up your hands and admit it. It’s a mess! Your company is in hot water and you really have no idea how to get it out. Your peers have suggested bankruptcy to you, but you have no idea how to go about it. Which chapter do you need to file? Will you get audited afterwards or during the process? How many years of records do you have to dig through to make sure you’re doing it right? The situation itself is bad enough, now you have to deal with all of these questions and potential problems. What do you do?Relax. Business bankruptcy attorneys handle all of those issues every single day, for multiple parties. If you contact our firm, you’ll find that all of the questions you have for us will be answered without hesitation because we have heard them all before. Bankruptcy is not a bad thing. For a company trying to stay afloat in a difficult economy it might be the most intelligent decision you ever make. It will protect you from creditors and give you an opportunity to get back on track.When you begin the process of filing for bankruptcy, there’s a period of time where all you do is look at bills and records. As the party doing the filing, you’ll need to provide your attorney with all of that paperwork, as organized as possible, but you won’t have to do the sorting and examining of each item by yourself. It may not sound like much, but if you look at the pile of material that needs to be examined before you can even start the evaluation you will truly appreciate the role of your lawyer in the process.Once everything has been sorted and a clear financial picture of the company is available, your Minnesota bankruptcy attorney can evaluate the need for a bankruptcy filing and start assessing which bills can be placed into a restructuring plan through Chapter 11. Ideally, you’ll want to have all liabilities batched into the plan, but some items, such as certain types of taxes owed, won’t be eligible. Once again, using your attorney in this phase of the filing is critical. Most individuals don’t know the tax laws and bankruptcy guidelines on taxes. It’s an area you won’t want to make any mistakes, so make sure you get the help you need to do it right.
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