If you are a business owner in Minneapolis, then bankruptcy may be an eventuality you never considered. When the inability to repay business loans forces you into bankruptcy, your business is shut down and a trustee is appointed to take control and dispose of your business assets. Aside from disrupting your credit rating and source of income, bankruptcy can negatively affect your customers and staff.
Nevertheless, you can preempt this chain of events. When your business runs into financial trouble and you are unable to repay business debts, your best bet is to seek out a business bankruptcy attorney. Such an attorney will assist you in finding alternate ways to repay your debt without having to close down your business or declare bankruptcy.
Benefits of Hiring a Business Bankruptcy Attorney in Minneapolis, MN
You must be careful when choosing an attorney to advise and represent you on business bankruptcy issues. Doing so ensures a greater chance of a positive outcome for you and your business. Let’s take a look at some of the benefits of hiring a business bankruptcy attorney in Minnesota.
Experience
Ensure that you engage the services of an attorney who is well-versed in bankruptcy law and not a general legal practitioner. Such attorneys have extensive experience handling business bankruptcy cases and will help set up a sustainable financial future for your business.
Highly-Rated Advice and Legal Assistance
A seasoned business bankruptcy attorney will help you understand your situation and offer you advice on how best to deal with it. The three primary methods for dealing with business debt include:
- Bankruptcy (Chapter 7 or Chapter 11)
- Shutting down the business outside of bankruptcy
- Out of Court work out plans by negotiating with the creditors
An attorney can explain what each option entails, represent your company in the bankruptcy process, complete all necessary paperwork, and represent your business in court or out of court, depending on the option that is selected to resolve the financial problem.
If your business is in financial trouble and in danger of becoming bankrupt, contact Hoverson Law Offices to speak with a business bankruptcy attorney today and explore your options. Call us at (612) 349-2728 to book an initial consultation.
