Chapter 7 Bankruptcy

4 Types of Bankruptcy (and How to Restructure)

When filing for bankruptcy as a consumer or for your business, keep in mind that you can get a fresh start to recovery. The Bankruptcy Code allows you to restructure your business and handle debts so you can avoid liquidation, and how well your organization handles this reorganization time will determine a successful recovery.

Also, with a bankruptcy lawyer by your side, you will be able to handle this complicated process and explore the best bankruptcy option for you.

What Is Business Restructuring?

Restructuring is the reorganization of your systems and debts in a new way to increase the efficiency of operations. Sometimes, this may include changing the original structure entirely. Restructuring could also mean adding or dissolving business units that do not necessarily affect the entire structure.

Three Types of Business Bankruptcy

As a business owner, there are very few things more unsettling to consider than shutting down your business or filing bankruptcy. The US Bureau of Labor Statistics (BLS) finds that 20% of new businesses fail during the first two years, 45% during the first five, and 65% during the first 10. Only 25% of new businesses make it to 15 years or older.
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