Your company may have been in your life for some time now. You, like many other business owners, may even consider your company your life, and you would not know what to do without it. Though you saw some success in prior years, you have noticed that your company’s financial issues are becoming more prominent.
Currently, you may have the ability to keep operations going for a time, but you know that, if you do not take significant measures soon, you could end up having to close up shop. Fortunately, filing for Chapter 11 bankruptcy could help you prevent that outcome under the right circumstances. How do you know if it is time to take this step?
Warning signs that a company needs help
The decision to file for bankruptcy lies in your hands. You may go back and forth trying to decide if making such a move is right for you and your company, and you may wonder whether any alternatives exist for getting back on track. While other options could present themselves, if the following factors apply to your situation, giving bankruptcy more serious consideration could prove wise:
- You have used up your savings in efforts to cover outstanding bills.
- You have sold assets in an attempt to gain extra funds to address your company’s debt.
- You have tried cutting expenses any way you can, including in your daily expenses.
- You have considered various ways to increase your company’s revenue, including questionable or not entirely legal options.
- You cannot pay the bills associated with running the business and, possibly, even those for your household.
- You have faced sleepless nights, excessive stress and maybe even depression as a result of your company’s financial issues.
If you have reached this point, a simple solution may not be within your reach. However, that does not mean that you cannot take purposeful steps toward addressing your situation and working toward the best possible outcome.
Having the right help
Bankruptcy for your company could have more benefits than you even imagined. In order to more fully understand whether this option could suit your needs and how it could potentially benefit your company, you may want to discuss it with an experienced Indiana attorney. This legal professional could offer specific insight into what your company needs and the best options for moving in a positive direction.