Has The Pandemic Brought Hard Times On Your Small Business?
If your Texas business is struggling after months of stressors related to COVID-19, you are not alone — and you are not without options. Countless small businesses throughout the Dallas area and statewide have closed and many others have filed for Chapter 11 bankruptcy in an effort to hang on while returning to profitability.
Your business expenses may have gone up at the same time that revenues were going down because of factors related to the COVID-19 pandemic, such as the following:
- Quarantines, stay-at-home orders and increased sick leaves taken, all affecting your workforce
- Reduced demand for your business’s goods and services because of stagnant or declining consumer traffic
- Increased expenses for cleaning supplies and services, personal protection supplies (masks, gloves and see-through acrylic barriers), and new cautionary protocols
- Higher prices of raw products and delays obtaining them due to complications at your suppliers’ end of things
Did You Reach For Help, But It Was Not Enough?
You may have already taken every step you could think of to weather the storms – perhaps through a government-managed Small Business Administration loan, the Paycheck Protection Program and/or an Economic Injury Disaster Loan (EIDL). You may have sought forbearance from your commercial landlord(s), your creditors and all other sources of relief.
But the damage done to your business is too great, and the available help simply hasn’t been sufficient to bridge the gaps between income and expenses. A business bankruptcy – a Chapter 11, 7 or 13 – may be your next step.
Craft A Business Bankruptcy To Suit Your Business
Plans for restoring profitability are one of the factors in a successful Chapter 11 bankruptcy for a small business. Turn to a trusted adviser, attorney Bill F. Payne, who has practiced law for more than 40 years. He has helped businesses survive great challenges of past decades and is currently advising small businesses, corporations and individuals in and around Dallas on debt relief pathways, including Chapter 11 bankruptcy.
Protect your personal financial health at the same time that you reach for a lifeline for your Texas small business. Be prepared to come out on the other side of the pandemic ready to continue reaching for success.
Request A No-Obligation Consultation With A Business Bankruptcy Law Attorney In Dallas
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.