America’s business owners are suffering from COVID-19
2020 has been a nightmare year for most businesses in America! Things were supposed to be getting better as the year went on, but the economic carnage continues, and nobody knows when it will end. Many businesses that were profitable in 2019 are now losing income every month due to Covid-19.
Bankruptcy is an option that many companies are looking at to prevent creditors from taking aggressive actions or to renegotiate better terms in repaying debt. Some businesses are using Chapter 11, Subchapter 5 bankruptcy as a tool to keep the business open until they return to a profitable status. Other businesses are just throwing in the towel and closing altogether, using chapter 7 bankruptcy to wind down business operations.
Businesses are feeling financial pressure from Covid-19 related income losses. They’re reporting that sales are lower, customers are not spending like they used to, and their incomes continue to drop month to month. Many need help to reduce the outflow of expenses on debt payments since income is no longer flowing in. Some businesses are considering closing altogether because they don’t know if they’ll ever return to profitability.
I know it sounds bad, but Bankruptcy may offer those businesses that are financially affected by Covid-19 increased options in the way they repay debts and the amount of debts they’re required to repay. Bankruptcy may also offer closing businesses a simple and cost-effective way to shut the doors.
Find out what you need to know in our post about filing for Bankruptcy during COvid-19, and look at our information on Chapter 11, the new Chapter 11 Subchapter 5, and Chapter 7. All three of these business bankruptcies can offer different types of financial relief. We offer free consultations to discuss your specific situation and give you skilled advice on debt relief options.
I’ve helped large and small businesses wipe out millions of dollars in debt. Bankruptcy is an option that should be considered before things get out of control. The earlier you consult with a bankruptcy lawyer, the more options you usually have. If I can be of help to your business, please contact me for a complimentary appointment.
Consider Bankruptcy and get your business back on track
Bankruptcy may provide you options to keep your business operational even though you cannot meet your monthly debt obligations. It may give you additional time to liquidate assets at higher values, sell the business, or the ability to restructure the amount of debt or the way it’s required to repay debt. If you are out of options, it is time to consider bankruptcy to get your business back on track.
Robert C. Hahn
I’ve helped hundreds of businesses through bankruptcy. I’m committed to helping my business clients look at all their options and achieve the very best results to stay operational if possible and to have a smooth transition to closure if it is not possible.
When there are difficult decisions to make, you want personalized care from a skilled bankruptcy lawyer like Robert Hahn, who has over 23 years of bankruptcy law experience.