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Dealing With Potential Bankruptcy

Dealing With Potential Bankruptcy

Dealing With Potential Bankruptcy

After the World Health Organization declared that we are now entering a pandemic due to the coronavirus, things have not been the same. More than half of the world went into lockdown, and a lot of major lockdowns happened in different countries which caused businesses to keep their doors closed for months at a time. We have now entered 2021 and passed a year into this pandemic, but business operations have still not normalized. We went into a global recession last year, and business owners, especially small business owners suffered exponentially. A lot of businesses shut their doors, and many are still struggling to stay afloat. If your business has been suffering and the debts are only growing, you might be considering declaring bankruptcy. This might be where you are asking yourself questions like, how long does it take to get out of bankruptcy and so on, and the answer here is, it depends.

You should ideally hire a bankruptcy lawyer to help you file your bankruptcy claim since they will be able to let you know which chapter bankruptcy you should file for and which assets you should expect to lose and so on. Bankruptcy proceedings can take a few weeks to sort out and the matter can take a few months depending on various details like how much debt is owed, how many creditors are involved, the number of assets that can be sold and so on. Having a lawyer by your side will help make the process smoother for you, and since your lawyer will have your best interests in mind, they will try to help you cut corners wherever it is possible. Yes, filing for bankruptcy is scary and can make you feel like you are a failure, but it is not the case, especially not with what has been happening the last 12-16 months.