can be an intimidating process. No good owner opens a business with the hopes of filing for bankruptcy. But sometimes it’s the best choice given your circumstances. Even if it is the best option, you shouldn’t just file the paperwork without taking the following matters into consideration.

FILING CHAPTER 11 BANKRUPTCY? HAVE A PLAN B

When you’re in the middle of filing for bankruptcy, it’s easy to focus only on the here and now rather than looking ahead to the future. But the most important thing you must remember about bankruptcy is that it isn’t the end of your life. It’s just a time of reorganization. CNN reports that numerous famous individuals have had to declare bankruptcy, sometimes even on dream projects, but they still came back and succeeded because they had a plan. Some of these individuals include

• H. J. Heinz
• P.T. Barnum
• Walt Disney
• Milton Hershey
• Henry Ford

So when you’re preparing to file for bankruptcy, take into account what you want to do and what you plan to do. Don’t get bogged down in all the details and forget you have a future to plan for.

Keep a Clear Calendar of Dates

Bankruptcy dates are generally hard and fast. In some cases, you can request a continuance or an extension, but most of the time, it doesn’t change. If you wait to late or miss deadlines, you’ll wind up handicapping yourself and even risk losing certain protections. To avoid this

• Open and read every document the court or anyone involved in bankruptcy sends you
• Set up reminders for due dates and requirements
• Keep all of your paperwork in an organized location

Get a Professional

QSR Magazine describes bankruptcy law as one of the most difficult arenas in the legal field. Even for attorneys. The downside of filing on your own is that, even though there are dozens of nuances and intricacies in the process, you are expected to know them all. The court doesn’t care that you aren’t trained. When you enter that courtroom, you are held to the same standard of professional knowledge. When you add that to the fact that bankruptcy is an emotionally charged process, it becomes even more difficult. Bankruptcy professionals can assist you and significantly reduce the pressure while also providing invaluable counsel both before and after the bankruptcy filings.

Filing Chapter 11 may be the best choice for you. But that doesn’t mean you should just rush into it without the necessary preparations. Make sure that you have a Plan B. Many people assume that bankruptcy signals the end of their business lives, but that’s not the case at all. You will also want to make sure you have a clear system in place for handling paperwork and deadlines. But most importantly, you will want to get a professional’s assistance. While you can do this on your own, it’s best to have someone you can consult on the various intricacies and procedures.

Having a professional on hand can also help you sort through the emotional charge that often runs in these sort of proceedings. If this is your situation, consider talking with the Van Horn Law Group and letting them help you out.