The United States bankruptcy laws were written with businesses and the entrepreneur in mind, so there are many special protections for businesses.
These protections often allow business owners to continue operating a business after filing for bankruptcy, and after the discharge itself.
In fact, many businesses file for bankruptcy strategically, because bankruptcy allows them to modify certain contracts or deals so that they can emerge as more efficient operations.
- In most cases you can continue operating a business after filing for bankruptcy, and even after the bankruptcy is done.
In fact, many large companies such as household names, airlines and car manufacturers have benefited from doing this in the past.
What should you do if your business is insolvent?
If your business is too hopelessly insolvent to continue operations, then you can file a bankruptcy and let the business end,.
You can then start up a new business with a different name that provides similar services. The law does not force people to go into a new line of business.
Conclusion
Business bankruptcy is a very complicated subject, and it is best to visit an experienced Minnesota bankruptcy attorney for legal advice.
Call us now at 612.824.4357 and tell us how we can help you.
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