Chapter 11 bankruptcy is an important legal mechanism that allows a New York business to keep its doors open while reducing its outstanding debts. In some cases, individuals can use it to eliminate their financial obligations, but, by and large, it is a process utilized by business entities. Large corporations use it frequently, but it can also be employed by small businesses.
There is nothing comfortable about living paycheck to paycheck. Individuals who face this reality may confront endless worry about how they will pay all of their bills and how they will handle emergency expenditures if they arise. Many New Yorkers face this constant concern, and in some cases, those individuals have to make difficult decisions about how to manage their money affairs.
It is not uncommon for a Garnerville resident to hold a mortgage on his or her home, a loan on his or her car and perhaps several debts from his time as a student that must be paid off on a periodic schedule. These debts, despite the fact that they may seem overwhelming, can actually be manageable for consumers since they require timely, monthly payments in order for the debtors to remain in good standing with regard to the obligations. As debtors make payments toward the satisfaction of these loans, the loans gradually decrease in principal and incur less and less interest until they are paid in full.
With the holidays quickly approaching, many New York businesses are likely hoping for big profits to carry them into the New Year. Unfortunately for some, those sought-after revenues may be insufficient to help them start 2017 on strong financial footing. If your business is struggling and in need of help to find its way, bankruptcy may be a viable option.