When Should I Call a Bankruptcy Attorney?

Idaho attorney, Matt Christensen, shares 6 triggers in your business that may indicate that it is time to contact an attorney.

Bankruptcy Or Restructuring Lawyers

Let’s discuss when you should be contacting a bankruptcy or a restructuring attorney, especially with regard to your business or sometimes yourself personally.
A bankruptcy attorney normally does not only do bankruptcy. A good bankruptcy attorney will also be able to help you restructure your debt outside of a bankruptcy case, and will have negotiating skills where they can negotiate on your behalf with the creditors that may be pursuing you. So there are a lot of options when dealing with your debt, short of filing a bankruptcy that that attorney will be able to work with the banks on. 

Signs it may be time to call an attorney

  1. The first time your business is going to miss a payment on time. This could be a loan payment, a vendor payment, etc. If you’re starting to feel that pressure that’s when you should be consulting an attorney.
  2. When you begin to think about taking out a merchant cash advance loan. 
  3. If you have a maturity date that’s coming up on an existing loan that you don’t think you’ll be able to meet.
  4. If you are thinking of cashing out your personal retirement account to put funds into the business to keep the business running.
  5. If you are being sued by a creditor.
  6. A foreclosure sale pending

If you are experiencing any of these triggers, give our Boise or Twin Falls office a call and one of our bankruptcy attorneys to help you either avoid bankruptcy or help you put a restructuring plan in order.