Think back to the time when you first conceived your idea for a business and how excited you were to jump right in and get started on building your very own company. One of the first things you did was contact an experienced attorney to find out which business filing would be best for protecting you and your business. Your attorney helped you register and organize your business and you set about the task of growing a successful company.
During the course of running your business, you also sought advice of an attorney to assure all your intellectual property rights were fully protected from infringement by others. That was one of the smartest things you could do because now you find yourself in the position of having to file for a Chapter 11 Bankruptcy to try and put your company back on solid financial footing, and those are the most important assets you have.
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If you now find yourself having to make the hard decision of whether or not to file for Chapter 11 reorganization, it is critical to know what your options are. Most people when they think of bankruptcy believe it is merely a way out of debt, that you sell off all your assets, pay off as many debtors as you can, and you close up shop.
The process and rules for filing bankruptcy under Chapter 11 is set up differently, allowing for companies that are having severe problems staying afloat to gather their assets, assess their damages, and then given a grace period in which to try and reorganize their business so that they can regain their rightful place in the business world.
You are going to want to seek advice from an attorney who is experienced with not only the complexities of the Chapter 11 Bankruptcy Rules but one who is savvy when it comes to protecting your intellectual property rights. You will have some very important decisions to make, i.e. whether or not you think you can revive your company with the right help and guidance, or whether you have to walk away and take your losses. Either way, you want to definitely be able to keep your intellectual property rights intact until you are able, once more, to utilize them. They are as much of you as they are your business.
Long gone are the days where you merely set up shop and went about providing services to the public. In today's technologically advanced world, you need the expertise of an attorney who can not only guide you through the entire complex bankruptcy procedure in a way that is beneficial to you financially, but an attorney who understands just how important your creative ideas are and who knows how to protect them while you attempt to reorganize or close your business.
Hiring an attorney who specializes in both Chapter 11 Bankruptcy and Intellectual Property Rights is the first step you should take in assuring that your future business and creative ideas don't become lost in the shuffle of bankruptcy.
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