Some business owners have run into financial difficulty and can find no way of getting out of their situation but at the same time they don’t want to close down their business. When making the decision of the right course of action to take there are a lot of things that have to be considered.
If the business is just not producing money because it wasn’t a good idea or the business is no longer in demand than the decision to close it might be a wise one of. However, some businesses are very viable but have just run into a bad point in their growth that they need to get past. You also have to look at the assets versus the liabilities. If you own a lot more assets then liabilities and feel that the business can still function and make a profit then it may be worth holding onto.
If you decide that you want to keep your business going and you are sole proprietor then filing for Chapter 7 bankruptcy may be the best option for you. You may be able to use the exemptions available to you to protect your assets while the Chapter 7 discharges all of the personal and business debts of yours. This way you will be able to continue with your business with a fresh start.
You should rely on an experienced New Albany bankruptcy attorney who can advise you as to the best steps to take. If you have a lot of non-exempt assets then these are going to end up getting sold in your Chapter 7 bankruptcy and this may not be the best option for you if your intention is to keep your business going. However there may be other forms of bankruptcy or options available to you.