Business Bankruptcy Options Expanded by Turnaround Consulting Company
The Revenue Turnaround Group, a business turnaround consulting company in Dallas, Texas, has expanded their business bankruptcy options to help business owners avoid liquidation.
Online, April 10, 2011 (Newswire.com) - Businesses that are insolvent or close to filing bankruptcy now have additional options to help with recovery. The Revenue Turnaround Group, a business turnaround consulting company has expanded their business bankruptcy options to better help business owners to avoid foreclosure and/or liquidation.
Business bankruptcy is not a "fun" topic to discuss. But when small businesses are insolvent and they can't pay their creditors, it is necessary for them to know what options are available to them.
One of these options is Chapter 11 business bankruptcy -- If your business has a plan for future recovery, Chapter 11 bankruptcy supports the continuation of a business under a reorganization plan. Although it can be a very complex process, Chapter 11 bankruptcy can be filed by an LLC, corporation, or various types of partnerships. If you choose this option you can expect to operate under increased scrutiny from a court-appointed trustee.
By itself, a Chapter 11 business bankruptcy filing cannot fix a failing business. It requires the right turnaround plan to go along with the Chapter 11 bankruptcy filing. Without the proper turnaround plan in place, a small business only has about a 10% chance to emerge from bankruptcy protection. If the judge and/or the trustee determine a business is unable to meet its debt service obligations, it will be forced to liquidate. At that point all reorganization plans and hopes of rebuilding the business are over.
The business bankruptcy consulting options offered by the Revenue Turnaround Group, give small businesses a much better chance of creating a reorganization plan that will be able to meet the ongoing debt service obligations and satisfy the judge or trustee.
Businesses interested in learning more about the business bankruptcy options, or turnaround consulting services that the Revenue Turnaround Group offers should contact them at: http://www.revenueturnaround.com or call (214) 347-4239.
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