Business fails. You’ve done everything. It wasn’t enough. What do you do now? And then, it gets worse. How do you shut it down? What do you do with the remaining assets? Then, the phone calls. How do you answer them? What do you say?
Can you file for bankruptcy on a failed business? Will that solve the problems? Will it end the chaos?
Well, yes, no, maybe and sometimes. I could have just said, that depends! Sorry, lawyer joke.
If you are in this position, you have probably already figured out that there aren’t any easy answers. Here is where a good lawyer can help:
- Shutting down the business, dealing with the landlord, returning collateral, final tax returns, deciding which bills to pay;
- Dealing with the phone calls — former customers, suppliers, your banker — what to say and what not to say;
- Finding a way forward — figuring out how much of the business debt you are personally liable for and what your options are with respect to that debt;
No lawyer can make it all go away, but we can help you put together a road map to get you to the other side.
If this is you or you are afraid that it might soon be you, call me or another lawyer who is well versed in dealing with debt sooner rather than later.
Elaine