Running a business often involves taking risks. Many successful business owners have faced downturns in the economy, regulatory changes that have increased costs and disputes over unmanageable terms in a lease. In small businesses and family-run operations, business debts can frequently adversely impact the personal financial health of the owners, possibly resulting in small business bankruptcy.
If you are facing financial struggles related to your business, it is critical for you to work with a law firm with substantial experience providing bankruptcy and non-bankruptcy debt-relief solutions to protect your rights.
Small Business Debt Relief
The Cincinnati small business bankruptcy attorneys of Minnillo Law Group Co., LPA can work effectively to handle your small business-related bankruptcy and debt-relief solutions, including:
Many businesses experience cash flow disruptions as their operations and general business conditions change. If their financial situation grows more difficult, some of these businesses may consider filing for Chapter 11 bankruptcy relief or perhaps undertaking a restructuring or reorganization effort. Suppliers and customers may react negatively to these developments, however. To avoid these ramifications and protect the reputation of the firm, companies facing the prospect of bankruptcy should consider a workout as an alternative.
In a workout, a debtor company works closely with creditors to identify the scope of the financial problems and develop a comprehensive debt relief plan, involving partial forgiveness of specific debt obligations, consolidation of debts, reduced interest rates or extended loan terms. It may or may not involve a reorganization of the company’s financial structure, asset holdings and operations.
We have particular experience in these elements of workouts:
- Negotiation – Our Cincinnati small business bankruptcy attorneys can negotiate debt reductions and more favorable payment terms with banks and lenders. We can also negotiate with non-secured creditors such as equipment lessors and suppliers, and renegotiate lease terms with landlords.
- Tax considerations – In a workout, it is essential to consider the tax implications of the workout. Our firm can evaluate the impact of taxes on proposed transactions and recommend the optimal decisions.We understand financial transactions and the practical realities of business operations. We will recommend and implement a workout strategy designed to relieve the debt burden and restore your enterprise to financial health.
Protecting Your Business and Personal Assets
Debt issues involving small businesses often pose a double problem. First and foremost is the challenge of remaining in business or liquidating the business with minimal financial loss. Second, owners’ personal assets are often vulnerable when their small businesses default on debt payments.
Our team of bankruptcy lawyers has decades of business bankruptcy and Chapter 11 bankruptcy experience and has helped hundreds of Cincinnati area businesses.
We can meet with you, gather information, provide knowledgeable legal counsel regarding the debts for which you’re responsible and devise an effective strategy to protect your business and your personal assets.
A recent case illustrates our effectiveness in helping small-business owners. A local small business had two locations, one of which did well and one of which struggled, causing financial strain for both locations. We were able to help our client keep his profitable store open and make money.
In some cases, small business bankruptcy can actually make your business more competitive by reducing overhead in comparison to competitors. For more information about our firm and your bankruptcy rights and options, contact our offices.
Contact Our Cincinnati Small Business Bankruptcy Attorneys Today
For effective small business bankruptcy legal help and considerate, responsive client services, contact Minnillo Law Group Co., LPA, for a FREE initial consultation. We offer affordable charges, competitive rates and experienced representation. Call 513-723-1600 or contact us online.
We have convenient offices near you with locations in Cincinnati, Eastgate, Fairfield and Dayton. Evening and weekend appointments are available.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.