A business in bankruptcy is not like other types bankruptcy. This does not expect liquidation of any assets to pay off creditors. With this a debtor business maintains ownership of the business and continues to run it after reorganizing and creating a repayment idea with the creditors. Majority of the businesses in severe financial troubles file this type of bankruptcy. Many types of chapter are available; those chapters are not having any silver bullet for all ailing businesses. Instead it helps by giving capability to generate future business & incomes to pay off your creditors.
Best business bankruptcy advice is hiring experienced bankruptcy attorney. He will support you to paperwork required for filing and he will find out whether bankruptcy is required for your company. Consolidate all of your business accounts and records to attorney and to the court. Make a repayment plan. You have to submit a repayment plan to pay back your unpaid sum within one twenty days of the day you file. If you fail to submit a plan in that time limit, your creditor might submit own plan to the court.