Signs That It Might Be Time To File For Commercial Bankruptcy
Posted on: 8 April 2019
If you own a business and it is not doing as well as you had hoped, you might be in a position where it is time to file for commercial bankruptcy. This is where your business as an entity goes bankrupt, not you personally as the owner. To help you have a better idea as to whether it is time for you to consult with a bankruptcy attorney, you will want to review the following information.
You Are Struggling To Pay Your Employees
If you have had to pay your employees late, had some of their checks bounce, or you have had to move money from one account to another just to barely cover their paychecks, then it might be time to think about filing bankruptcy. The longer you wait to seek out some legal financial relief, the worse your financial situation could get. You could someday find that you are unable to pay your employees at all. That could lead to legal action that you want to avoid.
You Are Never Receiving Any Profits
It is normal for a new business to operate for a few years before any profits are seen. This is because there are a lot of start-up costs that you have to cover before you are actually seeing a profit. However, if your business has been open long enough to where there should have been profits by now, but there aren't any, you might want to consider the option of bankruptcy. The longer you wait, the more money you miss out on. You may also be putting yourself at risk to start losing a lot of money in your business, which is not something that you would ever want to do.
After taking those points into consideration, you may find that you would like more information about filing a commercial bankruptcy. To find out more and to possibly start the process, you will want to call to set up an appointment for a consultation with a bankruptcy attorney. Make sure that you are making it known that you are interested in a commercial filing when you are setting up the appointment. They will then let you know what you may need to bring with you to the consultation. This is so the attorney can get a better understanding of the financial standing of your business and determine what kind of bankruptcy would be best for your particular situation.
For more information, contact a company like Molleur Law Office.
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