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Bach Is Your Financial Future.
555 Skokie Blvd Suite 250, Northbrook, IL 60062
PO Box 1285, Northbrook, IL 60062
Contact Us Today!(847) 440-5998
Is your company struggling to stay afloat? If so, you aren’t alone—especially today. Due to COVID-19, businesses of all sizes are enduring a tumultuous market and severe economic upheaval.
Unfortunately, not every business will survive these challenges. In many ways, 2020 is a turning point, and the businesses that can adapt quickly are the ones that will most likely thrive in the future.
That said, bankruptcy may be a stepping stone to eventual prosperity. Many see bankruptcy as an end, but plenty of companies have used this form of debt-relief to reduce their financial obligations and achieve a new beginning with stronger foundations.
To illustrate this path, here are just a few companies that filed bankruptcy and survived to tell the tale. If you’d like more information about how bankruptcy could help you, don’t hesitate to contact our team at Bach Law Offices, Inc..
The difference between Marvel now and Marvel 25 years ago is stark. Many people are shocked to learn that the company had to file bankruptcy back in 1996, selling the rights to certain franchises simply to survive the financial hardship. In retrospect, we can see that this low point was simply a stepping stone to a brighter future.
Delta used bankruptcy to drastically restructure its operations, and it is now doing better than ever. Although the company had to significantly cut costs, bankruptcy served as a fresh slate, upon which it could make smarter business decisions and achieve prosperity.
American Airlines only needed three years to become profitable after filing bankruptcy in 2011. It cut costs, restructured its operations, and even merged with US Airways, but these decisions were pivotal.
In 2009 (the peak of the Recession), General Motors went bankrupt. Although the U.S. government played a part in funding its recovery, General Motors is now one of the strongest car companies in the world, and bankruptcy was a critical part of that process.
Chapter 11 bankruptcy gives companies the time they need to repay debt, reduce costs, and restructure their operations. As of February of 2020, this option is particularly beneficial to small businesses, thanks to the Small Business Reorganization Act (SBRA). The SBRA added Subchapter V to Chapter 11, which is a streamlined, affordable version of Chapter 11 that is exclusively available to small businesses.
What our team at Bach Law Offices, Inc. wants you to know is that you have more options than you may realize. Whether we help you file bankruptcy or implement a suitable alternative, you can trust us to act in your best interests and give you the resources you need to make fully informed decisions.