More than 100,000 small business have closed their doors permanently due to the extended and extreme loss in revenue caused by COVID-19. As a business owner, you want to see your company thrive, and when factors beyond your control make that extremely difficult, it can be hard to know where to turn. Finding the right small business bankruptcy lawyer to meet your unique needs could mean the difference in getting your business back on track and losing it for good.
Keep in Mind – Bankruptcy Doesn’t Mean the Death of Your Business
Making the decision to file for bankruptcy does not mean your business has failed – or that you have failed your business. Bankruptcy is not a death sentence to your company. When you are able to negotiate with creditors through a professional small business bankruptcy lawyer, creditors will be open to negotiating terms of repayment – especially following a global health crisis.
Regulations have been put in place due to COVID-19 to address the growing issue of bills being due with no revenue coming in. The Coronavirus Aid, Relief and Economic Security or CARES Act, for example authorized more than $2 trillion In funds to battle COVID-19 economic impact in a variety of forms, including loans for small businesses.
However, for many, that simply isn’t enough to sustain the extended period of economic shutdown we have experienced since March. In the unprecedented times we find ourselves, it becomes important to let go of our preconceived notions about bankruptcy filings and be forgiving to ourselves when facing new hardships.
I Can’t Afford a Small Business Bankruptcy Lawyer, I’m Bankrupt!
While it may seem counter intuitive to spend funds that aren’t there, you may not have a choice if you want to save your business in the long run. The right small business bankruptcy lawyer will be willing to work with you to create a strategy that fits within the budget you are able manage.
If you are the sole proprietor of your business, you would be able to file without the legal assistance of a small business bankruptcy lawyer. However, other types of businesses are required to have a lawyer secured prior to filing.
A good small business bankruptcy lawyer will not try to “sell” you on the idea of bankruptcy. They will be there to make sure you’ve considered all alternatives, have filed the right forms and properly addressed all creditors – which can save you from encountering additional expenses down the road.
Choosing the Right Lawyer While Battling Pandemic Panic
The unknown timeline of COVID-19 and the resulting impacts is enough to send anyone over the edge with worry for the future. After all, we do not know exactly how long this will last. The worst thing you could do when considering filing for bankruptcy is to not also consider who to hire as your small business bankruptcy lawyer because you were in a rush to file.
The beauty here, if you choose to see it, is that we do not know how long this will last. It could be over next week, and it could be over in a year, but your bankruptcy filing will continue regardless. Operate as though you have time to find the right lawyer for your small business bankruptcy case, because you do!
Really take the time to evaluate your business situation and financial goals in order to have a clear idea of what you are looking for your bankruptcy lawyer’s help with. Having your wish list strategy thought out will help you sort through lawyers who believe in that strategy and can help you accomplish it – even if that comes with some tough advice on what’s realistic.
If you are considering bankruptcy for your business, give us a call at (404) 585-0040 or fill out our online contact form to connect with one of our highly skilled small business bankruptcy lawyers. We are your partner, and we want to see your business succeed!