Benefits of Commercial Bankruptcy
When a company files for bankruptcy protection, it puts an immediate end to the collection efforts by creditors that can not only drag down the morale of those involved with this function, but it can also provide the business with an opportunity to take a step back, get the finances under control and continue to operate such that there is a light at the end of the tunnel.
Starting with a clean financial slate can be just as beneficial to a business as it can be to an individual, as it allows for those debts that continue to mount to ultimately be wiped off the books. Additionally, working through this process can bring about a period of stability that has surely been lacking if a business finds itself in this situation to begin with.