Tag Archives: Collections

How Can I Protect My Business from Creditors?

If your business is struggling to pay back creditors, then it is important to review debt relief options that could help resolve your situation. Creditors may file lawsuits if you do not pay your business debts. The best option for debt relief depends on your situation and the future goals of your business. Debt relief options for your business could include: Chapter 11 bankruptcy: If your business files for Chapter 11 bankruptcy, it may receive several immediate benefits. After you file, creditor lawsuits and collection attempts may come to a halt. You could also retain control over most business operations and decisions. Chapter 11 bankruptcy allows you to reorganize business debts. For example, your business may be able to renegotiate lease agreements. Payment plans during a Chapter 11 case can last for up to ten years. Chapter 7 bankruptcy: If you want to halt operations and liquidate your business assets…
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