Sound Alternatives to Business Bankruptcy in Pennsylvania
At the Law Offices of Brian J. Tyler, about half of our clients are small businesses or sole proprietors struggling under the pressure of business debt. We therefore have a lot of experience with helping business owners find ways to relieve debt problems through negotiations with creditors, orderly business dissolution outside of bankruptcy, and in appropriate situations, Chapter 7 bankruptcy for the business. But, often, this is only part of the resolution.
Rarely is the business solely liable on debts. Today, most borrowing by small businesses is guaranteed by the principals of the business and further secured by assets of the owner. Likewise, most "corporate" or "business" credit cards are actually personal credit cards. This is why many business closings are only a primer for the often more difficult debt resolution of the individuals behind a business entity.
Our goal is to minimize your personal liability on business debts while helping you make hard decisions about the future of your enterprise. For the advice of a lawyer who can expand the range of your useful alternatives, contact the Law Offices of Brian J. Tyler for a free consultation in Harrisburg.
Our law firm works with small businesses throughout Central Pennsylvania. We start with a comprehensive analysis of your business finances and your personal and professional goals. For some business owners, it soon becomes clear that they have been working without any profits for a long time and the sooner they wind up the company the better off they will be.
For operators with a little more to work with and decent cash flow, the options are considerably better. We often can work with your creditors to help you find ways to get past a short-term financial crisis. Your range of options might include asset sales, new capital or a reformulated business plan that focuses on the most profitable parts of your business while carving out and eliminating other non-profitable parts.
In our experience, businesses under financial pressure can expect to fair at least as well with negotiated workouts outside of bankruptcy as they would within it. Chapter 11 reorganization is rarely a viable option for any small business due to its complexity, uncertainty and expense. If your company is dead in the water, wrapping up its affairs outside of bankruptcy is usually your best approach.
Call 866-435-9451 for Dependable Advice About Your Options
If you are ready for an attorney's advice about a business exit strategy, or needs an assessment for viability, or if you think that a tailored workout strategy can keep your business afloat until your market improves, contact the Law Offices of Brian J. Tyler for a free consultation.
