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Chapter 11 bankruptcy could save your business

As a small-business owner, you want to make sure you protect your interests. You work hard to keep your business up and running, but with declining sales and higher expenses, you're finding it difficult to make ends meet. You think the end is near but what options do you have?

If you do not want to close your business, there is an option of going through Chapter 11 bankruptcy. This form of bankruptcy is designed for reorganization. The court-appointed trustee assists during the reorganization; the business owner can take this position if they wish.

During the Chapter 11 process, you'll have to submit plans for reorganization to the creditors you have. If the creditors vote and agree to the plan, then the plan goes to the court. If the court also agrees that it is fair, then it will be approved.

Reorganization plans are interesting because they vary. Some plans create payments to creditors for a period of 20 years or longer. Others are shorter. All plans focus on the specific needs of the business in question, so it is not easy to find a cut-and-paste solution to a business reorganization issue.

If you wish to keep your business up and running, this reorganization plan may be the best option for you. Other kinds of bankruptcy are also possible, though, they often result in the closure of your business. Decide carefully on what you want to see happen before you apply for bankruptcy. The right business plan could actually help you emerge from bankruptcy with stronger finances than ever before.

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