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As a Bankruptcy Lawyer here in Kansas City I am often being asked by potential clients “should my business be considering Chapter 11 Bankruptcy during these very difficult times?” As one who has practiced in this area of the law since the 1980’s there are several basic guidelines any business owner should use to decide whether a consultation with a bankruptcy attorney is needed, even in good economic times. Given the Pandemic and disruption to the business cycle, however, this is now a good time for many businesses to evaluate whether these factors apply to its situation today. Below are among the most important indicators of whether Chapter 11 can be of help. Is the collateral pledged by your business toward its Bank Loan now worth less than the amount owed? This is a factor in most every business Chapter 11, however, it is especially relevant now. For example, if…
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