When a person in Massachusetts first enters the entrepreneurial scene, he or she may have lofty business goals. Later, though, he or she may be in a situation where the company’s liabilities outweigh its assets, and the owner is unsure where to turn. Fortunately, filing for Chapter 11 bankruptcy is a viable option for overcoming business debt woes — and it does not have to mean the death of the business, either.
Many companies in the United States have actually bounced back from bankruptcy. General Motors, for instance, which filed for bankruptcy following the Great Recession that started in 2008. The U.S. government ended up bailing out the world’s biggest car manufacturer. Since that time, General Motors has paid back the whole rescue package and even earned the government a profit in the process. The company is now in the best shape it has been in over a decade.
If a business owner in Massachusetts would like to take advantage of bankruptcy protection, however, going through the actual bankruptcy filing process is far from enough. It is critical that he or she also create a plan for paying creditors and recovering his or her business. A bankruptcy attorney can assist struggling business owners in developing realistic plans that will benefit their ventures long term.
We’ve been helping businesses deal with the bankruptcy process for a century. Since 1918, the attorneys of Seder & Chandler have excelled at facing complicated and fast-moving legal issues, from complex corporate law, commercial real estate and estate planning, to acting as counsel for business and personal legal matters. Contact us today to learn how our combination of traditional commitments and adaptivity has given us a legacy of 100 years.