Running a business has never been easy, and while there are more opportunities to do so today, it has become even more difficult in the 21st century. You have more options to start a business than ever before, and you can do so quickly and begin marketing yourself to customers all over the globe. These possibilities make it a great time to start a business. However, they also mean you are in competition with businesses all over the world. Because of the heightened competition, so many companies these days end up in bankruptcy. If you are having trouble keeping your books out of the red, you should contact business bankruptcy attorneys. They can help you negotiate for better terms. Here are some questions you should ask them.
Do You Qualify?
The first step to take after you get in touch with an attorney is to ask if you even qualify. There are several different chapters of bankruptcy. Business bankruptcy attorneys in Brick, NJ, can tell you if you qualify for any of them. In short, you most likely qualify if your business has taken on debts that you do not have a reasonable expectation to repay. Since the lenders want their money back, they will be more amenable to re-negotiating.
What Should You Keep?
You need to keep as many records as possible. Your business books will be used as evidence in your bankruptcy hearings. Business bankruptcy attorneys can more efficiently argue your case if they can prove that you have not intentionally stolen or mismanaged your refunds. If you have good records, you can show your revenues and your expenses, which will help you in your case. You’ll also be able to more accurately negotiate your reorganization if you can show exact revenue figures.
Contacting an attorney is the first step in successfully negotiating your debts.