A failing business can feel like the world is on your shoulders. After so many years of investing time, energy and resources into a business, it is difficult to even say the word “bankruptcy.” Maybe the business can be saved by negotiating with those that are owed, or maybe bankruptcy is the way to go.
A business’s inability to pay its debts is described by a variety of adjectives: insolvent, insolvency and bankruptcy. It is often unclear which adjective best describes your situation. When a business is in the red, the potential options can be confusing. The first step is to conduct a comprehensive assessment of your businesses’ finances.
What is a mock bankruptcy filing?
An advocate will fill out all the paperwork as if your business was filing for bankruptcy. They will present the pros and cons of all the options available. A mock bankruptcy filing is a powerful strategy for making an educated decision.
Why should you consider a mock bankruptcy filing?
If you own a Florida business in debt, you are problem trying to figure out the best option. A mock bankruptcy filing that is properly and thoroughly prepared can paint a clear picture by exploring all options. The results of the mock bankruptcy filing will make it easier for you to figure out if bankruptcy is your best option or if you should negotiate with your creditors.
It may be time to get professional help
If you are a business owner in Florida and have been struggling to make ends meet, filing for bankruptcy may be the best option. It is important to understand all of your options before making this type of decision. A mock bankruptcy filing can be a great tool in the right hands.
If the debts are mounting, it is important to understand the implications of bankruptcy from a legal standpoint. Legal counsel that has experience in bankruptcy filings can help sort out the many complexities involved with any type of insolvency proceedings.