The Social Security system is in place to help us through difficult times. Unfortunately, there are some instances in which the system makes our lives even more difficult than they need to be. The day I received the denial letter for my claim, I wasn't sure what I was going to do. After talking with a few friends, I contacted a lawyer. That was the best decision I had ever made. Even with the professional assistance, getting the denial overturned and getting the money that I was owed took several months. I have kept a clear journal of my experience and loaded it with information that can help others get through what can be an impossible time.
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Social security denial - a journal of assistance
How Businesses Can Benefit From Filing For Bankruptcy
Alexis Garcia
It isn't uncommon for a business to experience financial troubles at some point in time. In many cases, a business can overcome those financial woes; however, when they cannot, bankruptcy may be considered. Filing for bankruptcy can provide a business with a bit of breathing room as they reorganize their debt and develop a plan to move on a healthy path forward. Keep reading to learn a few ways your business can benefit from filing for bankruptcy if you are facing serious problems financially.
Debt Payment Suspension
With a Chapter 11 bankruptcy filing, a business will receive temporary relief from paying their debts. Creditors come together and form a committee that provides them with access to the reorganization plan, which generally consists of a proposal to pay these creditors a percentage of what they're owed. The committee will vote on the plan, but the judge will ultimately have the final say on whether it is approved or not.
Contract Renegotiation
In the reorganization of Chapter 11 bankruptcy, business contracts can be renegotiated with more favorable terms that will allow the business to stay afloat. Many suppliers, vendors, unions, and the like are more than willing to renegotiate contracts and/or reduce your debt due to the fact that it means that your company will stay in operation, meaning that you will continue to use them in the future. If a union is involved, it is important to realize that the proposal for contract renegotiation will go up for a vote to the union members.
Additional Time to Reorganize
In many cases, a brief respite from paying bills/debts may be all that you need as a struggling company to get turned around and back on your feet. With your debt payments suspended and the ability to negotiate some of your more expensive contracts, you may be able to stay in business—something that you would not have been able to do otherwise. This also gives you time to pursue cost-saving measures that can help you now and in the future. Depending on how unemployment is at the time, some of your employees may be willing to take a slight reduction in their pay or benefits in order to keep their job as opposed to potentially being unemployed.
There are many benefits to filing for bankruptcy when you are facing the closure of your business due to financial woes. If you would like to learn more, contact a business bankruptcy lawyer near you.
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