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Is bankruptcy in the cards for your future?

Small businesses often have very narrow profit margins keeping them afloat. It may not take much at all to see your business start to slide into the red.

If that happens, you may no longer be able to meet your financial obligations. Then, your options may be severely limited. You could have to shutter your business permanently.

But, what if there were a way to keep your business open and also reduce your immense debt load? As it turns out, filing for bankruptcy for your small business might actually save it.

Still, bankruptcy is not for everyone or every situation. Asking yourself the following questions can help you decide whether filing for a Chapter 11 bankruptcy is a wise solution for your small business.

Is it necessary?

Bankruptcy should not be your first solution to debt problems. There may be other ways to get out from under your mountain of debts.

Will you need to close your business?

Dependent upon the type of bankruptcy petition that you file, you may be able to remain open and doing business as a debtor-in-possession.

Are you willing to be transparent about the financial situation of your business?

Bankruptcy proceedings are a matter of public record. There's a good chance that your customers and friends will learn of your dire financial straits.

Can you comply with the restrictions of running a business as a debtor-in-possession?

During bankruptcy proceedings, you must seek the court's approval for any decisions out of the realm of day-to-day operations of your business.

If you think that you might benefit from filing a Chapter 11 bankruptcy, speak to a Tampa bankruptcy attorney to learn more about the process.

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