Four Tips to Help You Emerge from Business Bankruptcy Stronger Than Ever
Whether you’re just starting to consider bankruptcy as an option for your business, or you are in the middle of your bankruptcy case, it is important to focus on the future. There are countless examples of companies that have gone through this process and emerged stronger than ever. As your local Southfield bankruptcy attorney, we want to help you keep your eyes on the future and how you can best use this situation to better your business. Instead of despairing, channel your energy on making this an opportunity for creating a stronger business than ever before.
How to Become Stronger
The following four tips will help you position your company for success long into the future. When done properly, a business bankruptcy can be an important step that makes it possible for your company to thrive.
Tip #1 – Communicate with Creditors
Many people are tempted to cut off communication with their creditors because they don’t want to have the difficult conversations. The fact is, however, that you may have to work with some of them again after you emerge from bankruptcy, so it is important to maintain as good of a relationship as you can. Depending on the specifics of the situation, it may be best to communicate through your attorney. Regardless, make sure you are open with them about the proceedings.
Tip #2 – Keep Your Employees in the Loop
While the bankruptcy may be difficult and stressful on you, it can be even more so for the employees. They don’t usually know the details of what is going on, which can cause them to fear for their jobs. Let them know what is going on, and why. To the greatest extent possible, make them feel secure in their positions so you will have the talent you need when you’re going through the bankruptcy process.
Tip #3 – Do Everything By the Book
Some business owners try to do things their own way rather than following the bankruptcy steps that are legally required. For example, they may try to pay one debt before the others, or even before filing for bankruptcy. This is not only illegal, but it won’t work in the end anyway because the courts can reclaim the money. If you’re going to enter bankruptcy, make sure you follow each step properly to get the best results.
Tip #4 – Stay Focused on Your Business
Many businesses are able to remain operational while going through bankruptcy. If that is the case for you, make sure you are focused on running your business successfully now. Your bankruptcy attorney can handle most of the legal work, and will let you know if and when you need to do anything for the case. By focusing on your business, it will show employees, vendors, customers, and others that you will be there for them. If you focus all your time and effort on the bankruptcy case, it won’t help anything and can only cause problems.
If you need help with your business bankruptcy, please give us a call us at (248) 246-1166 to set up a consultation. As your local bankruptcy attorney in Southfield, we look forward to helping you build a brighter future.