If you’re an experienced New York business owner, you know that complexity marks commercial activity in virtually every aspect. Few things in the business sphere are unnuanced and simple, whether they relate to company formation, financing, dispute resolution or any other matter.
Like debt woes, for instance, coupled with other stark financial challenges that threaten business viability. Any company principal dealing with such matters knows well that a boilerplate solution is not in the cards and that hard decisions must be made based on a legion of complex factors.
Ultimately, many New York business owners turn to a cost-benefit analysis of multiple and competing strategies for combating formidable debt. One recent article spotlighting money challenges and viable responses notes that many executives “find themselves faced with deciding if they should file for bankruptcy protection.”
If they conclude that “yes” is the answer, what form of bankruptcy protection should they file for?
Unsurprisingly, and as noted in the above comment regarding business complexity, there is often no quick determination for any company owner concerning which type of bankruptcy will best avail in a select case. Readers might want to take a look at information regarding Chapter 7, Chapter 11 and Chapter 13 that is provided via the above-linked article.
Perhaps the central takeaway provided in that piece is that bankruptcy might not even be a preferred strategy and that there “may be other options [a business owner] should explore first.” The article’s writer underscores the need for a company decision maker to closely confer with proven debt-relief legal counsel.
We certainly endorse at the New York commercial law firm of Rich Michaelson Magaliff, LLP, an approach to business debt that fully considers all relevant factors. We note on our website that, while something like an attempted reorganization under Chapter 11 might well be an appropriate response in a given case, “other forms of bankruptcy or nonjudicial alternatives may [also] be available.”
Our proven legal team routinely works with diverse clients on business matters of virtually every type, helping them craft strategies that optimally promote company goals. We welcome contacts to the firm to discuss our demonstrated accuracy and commitment to best-case business outcomes.