Filing for bankruptcy can be a difficult decision if you’re a business owner. However, business bankruptcy provides debt relief, and according to Robert A. Schwartz in Rochester, NY, it’s important to recognize when it’s time to file. Many business owners avoid bankruptcy for a number of reasons, allowing more debt to accumulate. Knowing when to file can save you time and money, so look for the signs below if you’re uncertain.

3 Reasons to Consider Business Bankruptcy

1. You Can’t Afford Debt Payments

Missing a loan or credit card payment now and then isn’t a major issue, but when you begin to miss payments each month, it may be time to file for business bankruptcy. Waiting for new business to cover back bills isn’t a solution, and once you’re avoiding debt payments rather than missing them, the situation will only worsen. Bankruptcy will relieve your business of credit card debt and other obligations, giving you a fresh start at a new pursuit.

2. Debt Collectors Are Calling

Once the payments stop, debt collectors usually follow. They’ll attempt to contact you through any means possible so long as it isn’t considered harassment; they also won’t let up until you’ve begun paying. Whether the calls are just getting started or have been ongoing, it’s a good signal that you should consider business bankruptcy.

3. You Feel Financially Helpless

If you’ve done the books, set up payment plans, consolidated debt, and allocated funds where necessary but are still collecting debt, business bankruptcy can be the best option. No matter the effort you put into making things work, if your system still allows more debt to accumulate despite payments, you’re better off just wiping it away completely. A debt relief lawyer can assess the situation with you and walk you through the best bankruptcy options for your circumstance.

If you’re considering business bankruptcy, turn to Robert A. Schwartz for legal assistance. He has over 30 years of experience helping business owners of every size achieve a debt-free future and can guide you through the bankruptcy process. Call (585) 334-4270 today to schedule a consultation and visit the website and Facebook page to learn more.