Additional Time to Restructure or Reorganize 

Getting a temporary break from having to dodge collection calls and struggle to make payments on your debts may be exactly what you need to get your company’s affairs in order. Perhaps a new product or service launch could drive enough new revenue to get you completely caught up. 

Potential for Contract Renegotiation 

When you file for business bankruptcy, you may be able to renegotiate some of your company’s contracts with more favorable terms. For example, you may be able to negotiate lower interest rates or a longer repayment period for lower monthly payments. 

Reduces Personal Liability 

If your company loses too much money, you may end up being held personally responsible for some or all of that debt depending on how you incorporated your business. If you file for bankruptcy, you can do a better job of keeping the debt under the ownership of the company and not under your personal oversight. 

Contact an Experienced Dallas Fort Worth Bankruptcy Lawyer Today for Help 

If your business is struggling with debt, don’t wait to get in touch with a seasoned bankruptcy attorney. You may think your only option is to close your doors for good, but filing for a Chapter 11 bankruptcy can help you get the additional time and flexibility you need to restructure your business and pay off your debts. 

Contact Sims Bankruptcy Law, PLLC today for more information or to book your initial free consultation to learn about your options, call 469-751-7467 (DFW) or 254-304-7161. Serving the Dallas Fort Worth metro area.