Strategic Bankruptcy: A Logical Choice
In the world of filing for bankruptcy, there are many things that you can do or not do in order to make sure that you have the best chance of getting the right amounts of money to get yourself or your company back on track. There are several ways to go about filing for bankruptcy in a good way – in a way that will help you more than it will hurt you.
While bankruptcy fraud is a crime – filing for bankruptcy if you don’t need it or filing in a way that makes you look like you are less off than you are – strategic bankruptcy isn’t so much of a crime as it is simply a way to file for bankruptcy at just the right time and in just the right manner so that your assets end up doing what they are supposed to do – be an asset to you.
Usually, you will find that strategic bankruptcy filing takes place most often within companies. They work together to find out what is the best way to make sure that they cut all of their loses and get out of debt, without losing too much of their own at the same time. Most of the strategic bankruptcy filings are going to take place when a company has been just at the cusp of going into bankruptcy. They might divide up and sell their assets in a way so that these assets are no longer part of the company and not liable when the bankruptcy is filed. Then, they might file for bankruptcy and not have to worry about certain assets that have been taken care of. That way after what is left has been divided up, they still have something to go home to. This is different from bankruptcy fraud because it is all done with the notion that they are going to be filing for bankruptcy, and so there is no secrecy and there are no lies that go along with it.
Strategic bankruptcy takes planning and it takes help to make sure that you are filing at jus the right time. You also have to be sure that you have done enough to ensure that your company is going to survive in the long run, and that by filing just where you do and at what time you do, you are allowing yourself the better chance for success in the long run.
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