Surrendering Control of Your Business

There is nothing easy about launching a new business venture and attempting to turn a promising idea into a profitable company. The decision to do so requires an individual who is passionately committed to the vision of the enterprise and willing to do the hard work that is necessary, regardless of how unglamorous some of it may be.

Understandably, small business ownership therefore appeals to persons who enjoy having direct control over their own futures. This can make it very difficult for them to consider filing for Chapter 11 bankruptcy, even though such a measure might be the best way to save a company that’s in dire financial straits.

If you would like to learn how a bankruptcy filing might be able to help your company to escape its current troubles, then we can help. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C. at 480-829-0494 to speak with a skilled and experienced attorney about your situation.

The Chapter 11 Bankruptcy Trustee

When you file for Chapter 11 bankruptcy protection, you are seeking the opportunity to renegotiate your debt repayment agreements and restructure the way that you conduct your business. This can afford you the time necessary to address flaws with your current business model so that you can prepare for long-term growth and success. One issue that may give pause to a small business owner is the need to surrender supervisory control to a Bankruptcy Trustee. The following actions may require approval by the Trustee or your creditors:

• The sale of assets
• The purchasing of new property or assets
• Altering the allocation of payments

Contact Us

Delaying action can only cause the severity of your company’s financial struggles to intensify. To schedule a free initial consultation, contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C. at 480-829-0494.