Bankruptcy can be such an ugly word. It conjures up images of failure, liquidation sales, and lost jobs.
However, in the right circumstances, bankruptcy – or, better, debtor reorganization – can offer a small business the opportunity to creatively restructure its debts and cash flow so that it may continue operating both during and after the pandemic. Not all reorganizations are successful. However, debtor reorganization, whether in or outside the context of a bankruptcy proceeding, is an option that should be explored by all small businesses that find themselves financially stressed at this time. It is never too early to begin informing oneself of its potential because, as any financial expert will advise, timing can mean all the difference between success and failure.
What follows is a series of FAQs designed to answer many of the questions that might be asked when first consulting with a professional about how to address your business’s financial difficulties.
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