If your business is being threatened by forclosure or repossession due to the high debts you have incurred over the years, you might want to consider filing for bankruptcy as a way of mitigating the problem. Bankruptcy is defined as a way for businesses be it big or small as well as consumers to eliminate or repay their debts with the protection of the bankruptcy court. It usually depends on the type of bankruptcy filed where associated parties meet with a judge to determine how the debts and the business will be handled at this point. In most situations, the business would close or it continues to operate with reduced debtor payments.
Before filing for bankruptcy it is important you should talk to a lawyer first to determine which type of bankruptcy you would need to file since there are many types covering varying situations. Though it is not necessarily required to get a lawyer, it is important to avoid further problems and roadblocks. Consulting the help of a credit counselor should also prove beneficial on your end if you are considering filing for bankruptcy protection. These two individuals should help you get as much detail with regards to how you should be able to protect your assets as well as the filing process including the payment of fees and court appearances.