It can be quite disheartening to have invested your all in your business, only to have it fail. Along with the emotional trauma, this situation is also heavy on your finances. In such a situation, you might consider filing for a bankruptcy. It is recommended to get rid of liability from certain debts.
Bankruptcy can affect your credit score. Ask your family members who have well-managed credit cards to add you as an authorized user. Using credit cards after bankruptcy in wise manner helps you build back your credit score.
Filing for bankruptcy is again not an easy task. It usually involves legal complications which might need a legal advisor for you to understand. This is why it is important to hire a corporate bankruptcy lawyer.
When do I know I need a Corporate Bankruptcy Lawyer?
- You are being sued by creditors
If your creditors have been suing you to the extent of dragging you to court for delinquent debts, then you need to seek help from an attorney. A corporate bankruptcy lawyer will represent you in all hearings, help you file bankruptcy under the correct chapter, as well as handle your creditors.
- Your assets are at danger
If your personal assets are at the risk of getting repossessed by creditors, you know you need the assistance of a corporate bankruptcy lawyer. He/she can be your legal advisor and will also help you file a bankruptcy to help protect your assets.
- Your business is unable to pay off debts
You creditors can choose to buy equity in your business. You can also restructure your credit terms to pay reduced payments to creditors. However if your business has exhausted all such options, your assets will be at risk. In such a situation, you can certainly look for a corporate bankruptcy lawyer. He/she will help protect your personal assets through correct legal procedures.