Business may not be kicking around as it should. Things seldom happen as they should. Things might have reached the worst point they ever could, and you might be even declared a bankrupt. If you find your business in Fresno, California, and you find yourself bankrupt, you would need a Fresno bankruptcy attorney to help you out of several tough situations. In the worst situation, you might have to liquidate all your assets to fill up all your liabilities. This might mean giving salary to your staff or even repaying debt. If you are unable to do so, you would require the services of a well qualified attorney.
When You Are Bankrupt, You Do This
If you don’t do anything about your bankruptcy quickly, it would affect your credit score in a negative manner, and your reputation as a good company would go down the gutter. The stain is going to remain as it is for several years. No one would bother about giving you credit, and your business set-up could be at a loss. Some amount of credit-assistance would certainly help, as would a bit of counseling. But a lawyer could solve almost all your problems. So, it is very important to get hold of a good lawyer well-versed in everything concerning bankruptcy, and you would never find anyone better than a Fresno bankruptcy attorney for this.
Different Types of Bankruptcy
Bankruptcy is dealt in three manners in the US. A qualified professional Fresno bankruptcy attorney is the best person to tell you all about this, but the given information should give you a brief idea.
The most common sort of bankruptcy is Chapter 13. A comprehensive plan for repayment of your debt is formed by your legal counsel. The process could involve extending the time given for the repayment, and even lowering the amount of money to be repaid. All of this is done with the agreement of the creditors.
The kind of bankruptcy where you have to liquidate some of your assets, with the exception of your personal belongings and other items of daily need is dealt with under the chapter 7 bankruptcy. At the end of the day, the credit report gets a black mark, and most of your assets are sold off to satisfy your creditors.
Chapter 11 bankruptcy works well for those who personally own the business. It lets the owner retain command of the business while the legal proceedings continue. A chapter 11 bankruptcy is the solution if the business isn’t able to pay its bills.
Does Bankruptcy Mean The End Of The World?
For the more adventurous, there are other options of dealing with bankruptcy like debt consolidation, debt settlement, credit counseling and debt management. Interest rates could be brought down with debt relief and penalties could as well be waived. At the end of the day, you don’t owe that much of money, and it is certainly not the end of the world if you find yourself bankrupt one day.