The crippling effect of COVID 19 has left many businesses prone to bankruptcy filings. It is better to hire the services of a Dallas Bankruptcy Lawyers so that you can navigate yourself properly during these fragile times. Some other tips worth considering are:
1 – Check the latest updates on government rules
The rules keep evolving as everyone in the government grapples with their first pandemic exposure. It is best to stay tuned to authority sites like Small Business Administration (SBA) to get timely information. Many bankruptcy sites will offer COVID resources to help the customers
2 – Check relief measures
See if you can avoid bankruptcy altogether by knowing about the various government measures in place. For example, NYC Mayor Bill de Blasio had made two key announcements:
a. Companies with <100 employees and with a 25% drop in sales can qualify for interest-free loans upto $75,000
b. Small companies with less than 5 employees can also apply for a grant to cover 40% of staff salaries for 2 months
3 – Consult a reputed Bankruptcy Lawyer in Dallas
They can help with various provisions like Chapter 11 and Chapter 13 filings. Many initiatives have been introduced within these filings to make life easier for the small business owners. You can check if any of these modifications or addition to the laws can come to your aid when you prepare to file for bankruptcy.
To conclude
Make sure to discuss these tips in the next appointment with your Bankruptcy Lawyer in Dallas.
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