When Dreams are in Danger: Pursuing Business Bankruptcy

The dream of becoming financially and professionally independent is shared by many. Some of these individuals never have the opportunity to get an independently-owned business up and running. Others, however, get to experience the thrill of entrepreneurship only to discover that market conditions or other factors stand firmly against a business’s long-term success. Small business owners in this situation may scramble to find ways to keep a struggling company operational, such as obtaining additional loans, scaling back operations, or terminating employees. Rarely do these measures facilitate a full turnaround, and in some cases they can even serve to worsen the state of financial distress.

If you are a small business owner who would like to learn more about what actions you can take to save your dream, we can help. Contact the skilled and experienced Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 to schedule a free initial consultation.

When to Consider Bankruptcy

The kinds of financial concerns with which a business may be faced will depend significantly upon the nature of the enterprise. For example, a professional service provider such as an accountant or attorney does not have to worry about stocking shelves with goods to sell, and many retail settings will not require extensive training expenditures. Regardless of the nature of expenses or debts, however, when they exceed a company’s resources the effect is the same.

Some indicators that it may be appropriate to consider seeking bankruptcy protection for your business include:

• Becoming caught in a cycle of perpetual borrowing
• Being consistently late with payments for services or other obligations
• Difficulty meeting payroll
• Selling personal assets or sacrificing your family’s quality of life to raise funds

Contact Us

Though bankruptcy protection should not be misunderstood as a cure-all, it can help a struggling business in many ways. Contact the Arizona bankruptcy lawyers of the Harmon Law Office, L.L.C., at 480-829-0494 to learn more.