Being forced to look to bankruptcy to assist them transition out of the hardship that they've seen, companies big and small are still seeing the result of the troubled economy. Although some companies are seeing more sales during the more recent months, others haven't come out of the slump they've found themselves in, and have been left with few other options when they want to try to improve their business.
Bankruptcy is difficult to come to grips with and can add extra stress to you in a place when you need a break more than ever, and consulting a bankruptcy attorney could be the deciding factor when it comes to saving your business. When most individuals think of needing to file for bankruptcy, they imagine that it's the end of their professional lives, but that doesn't need to be the situation. Filing for bankruptcy to reorganize your finances is a viable solution to save your company from closing its doors forever.
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Having no choice but to file for bankruptcy, A. G. Farrari Foods in San Leandro, California, operational since 1919, were forced to close down one of their stores in the San Francisco Bay Area. The company was first opened in San Jose, and even after the closure of one store, still has twelve remaining locations still open devoid of interruption. By reorganizing their debt, the stores' owners are able to implement the perks of bankruptcy without needing to sacrifice all that they've worked to build.
Without needing to file bankruptcy, another company of stores, American Apparel was recently given a way out of filing for bankruptcy when a collection of Canadian investors lent the company $45 million to help in restructuring the business plan. If they did need to file for bankruptcy, the Chapter 11 plan, which encompasses reorganization, would have been an answer, but by taking the loan from the Canadian investors, the company has saved itself the various complexities that come along with filing for bankruptcy.
Various other companies are also managing similar issues, and when applicable, will do what they can to avoid filing for bankruptcy due to the long-term effects. If your company is continually having trouble staying afloat, then speaking with a bankruptcy attorney is the best chance to find out which choice is best for you and assists you in making your way back to a spot where your business is once again successful.
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