When Is It Time to Talk to a Business Bankruptcy Attorney?

As a business owner, it can be difficult to know when it is time to consider seeking financial relief through the bankruptcy process. While it will usually make sense to try to figure out a way to avoid a bankruptcy filing for a period of time, there is also a point at which waiting any longer can potentially start to have adverse consequences. Informed and strategic decision-making is critical—and, ultimately, you will need to make your decision based on the advice of an experienced Miami business bankruptcy attorney.

But, when should you engage a business bankruptcy attorney? How do you know when it is time to stop looking for a business solution and start considering the legal options you have available? Here are some key considerations:

You Should Talk to a Business Bankruptcy Attorney Before Things Get Bad

The short answer to these questions is that you should talk to a business bankruptcy attorney before things get bad. There are a few reasons why:

• Your Business May Be Able to Pursue Financial Alternatives that Avoid the Need for a Chapter 11 (or Chapter 7) Filing – While a Miami business bankruptcy attorney will be able to help you understand your business’s bankruptcy options, an experienced attorney will also be able to help you consider alternatives to a Chapter 11 (or Chapter 7) filing. Generally speaking, the earlier you address your business’s financial situation, the more options you will have available. Creditors will be willing to work with struggling businesses in many cases, and renegotiating key contracts (or pursuing other alternatives) could be enough to re-establish a positive cash flow.
• Waiting Longer Than Necessary to Initiate a Business Bankruptcy Can Lead to Unnecessary Challenges – While taking action sooner than later can help maximize your options, waiting longer than necessary can lead to unnecessary challenges. If your business’s creditors pursue collection, for example, this can present a high-risk scenario. Even though filing for bankruptcy triggers the automatic stay (which stops most collection proceedings), it may be best to take a proactive approach that avoids collection actions entirely.
• You Can Learn About Your Business’s Options in a Free, No–Obligation (and Completely Confidential) Consultation – When your business is in financial distress, ensuring that you are making informed and timely decisions costs you nothing. At Edelboim Lieberman, we provide free, no-obligation (and completely confidential) initial consultations. Once you get in touch, we will arrange for you to speak with one of our business bankruptcy attorneys one-on-one, and this attorney will provide the information and insights you need to move forward with confidence.

Ultimately, if you have concerns about your business’s financial standing, there is no reason to wait to seek advice. Between the various types of business bankruptcy filings and the alternatives to pursuing reorganization (or liquidation) in court, there are several potentially viable options for restoring your business’s financial stability. An experienced attorney will be able to help you consider all of these options so that you can make an informed decision about how best to proceed.

How a Business Bankruptcy Attorney Can Help

Let’s say you schedule a free consultation with a Miami business bankruptcy attorney at Edelboim Lieberman. What can you expect? Here are just some of the ways an experienced attorney at our firm can help:

1. Analyzing Your Business’s Financial Condition and Risks

Our attorneys can thoroughly analyze your business’s financial condition and risks with a focus on the legal implications involved. This includes not only the viability and benefits of filing for bankruptcy, but also the risks (and opportunities) that exist outside of the bankruptcy process. By gaining a clear understanding of the legal implications of your business’s financial circumstances, you can ensure that you are making sound decisions that do not have unintended adverse consequences.

2. Discussing the Options That Are Available

After analyzing your business’s financial condition and risks, our attorneys will be able to walk you through the options you have available. This includes both bankruptcy and non-bankruptcy options, as discussed above. In many cases, businesses that take a proactive approach will be able to pursue solutions that avoid the need for a bankruptcy filing. However, this is not always the case, and it will be important for you to have a realistic understanding of the state of your company’s financial risks.

3. Providing Legal Advice Based on Your Business’s Specific Circumstances

Even if your business has multiple options available, you will need to focus on choosing the best option based on the circumstances at hand. While this is your decision to make, our attorneys can provide custom-tailored legal advice that you can use to feel confident in your decision-making. Every financially distressed business’s circumstances are unique, so it is imperative that you focus on your business’s specific opportunities, risks, and needs.

4. Helping You Formulate and Execute a Targeted Strategy to Restore Your Business’s Financial Stability

Once you decide how to proceed, our attorneys can assist with formulating and executing a targeted defense strategy to restore your business’s financial stability. This is true whether you decide to pursue an alternative to bankruptcy or you decide to proceed with a Chapter 11 or Chapter 7 filing. We have experience advising business owners in a wide range of circumstances, and we have helped businesses navigate a variety of paths toward regaining financial stability.

5. Taking Legal Action (i.e., Filing for Bankruptcy) Promptly if Necessary

Finally, if time is of the essence, we can take legal action promptly on your business’s behalf as necessary. This includes filing for bankruptcy in order to obtain the relief of the automatic stay. While it is important that you make informed and strategic decisions, it is equally important that you do not delay if immediate action is necessary to protect your business.

Schedule a Free Consultation with a Miami Business Bankruptcy Attorney Today

If you would like to speak with a Miami business bankruptcy attorney at Edelboim Liberman, we invite you to get in touch. Call us at 305-768-9909 or tell us how we can get in touch online to schedule a free, no-obligation consultation.