A business in financial distress does not necessarily need to shut down and it also doesn't necessarily need to file bankruptcy.

Sometimes all a business needs is breathing room and to control some of its creditors so it may reorganize.

There are a few paths that it can take.

Bankruptcy may be a great option, but it may not be the best option based on the goals of the business owners. Outside of bankruptcy, there are certain state laws that may assist with creditor negotiation or shutting down without filing a bankruptcy. Whatever the path, it is imperative to protect business owners that have personal guarantees. 

Our firm has been helping businesses in and outside of bankruptcy for decades. We can help you find a solution that lets your business survive and thrive.