If you have a seasonal business, you know how crucial that six-week or three-month window of opportunity is for generating the cash you need to get you and your family through the leaner months of the year.
Yet, all sorts of situations can arise that put the viability of your company at high risk. Perhaps workers were widening the road right in front of the strip mall where your business is located and significantly reduced the traffic into your business. You may find yourself struggling mightily just to make rent, let alone turn a profit.
While one bad season can average out to a lean year, if your business is seasonal, it could be make-or-break time. What can you do?
Many small business owners in just those circumstances have found debt relief through filing for a Chapter 11 business bankruptcy.
By remaining a debtor in possession, you can keep the doors of your business open and continue generating income to meet expenses and pay any employees. You will also continue to make payments to creditors according to the plan that you submitted and which was approved by the court.
This accomplishes two things, as your creditors are usually relieved to be receiving any payments at all and the business is often able to turn itself around and once again turn a profit at some future point.
Typically, that is much more preferable to business owners than to go under completely and have to reinvent oneself entirely as a different entity to do business. We can help you sort through the red tape of bankruptcy and get the debt relief you need to once again be solvent.