Your business had a great thing going for it for a while. That is until you stopped getting as many customers. You’re not making enough revenue to pay your rent and utilities.

You don’t want to close your doors, but at this point, it looks like you’re not going to have a choice. We’re here to tell you that there is a way to save your bankrupt business from extinction.

You’ll have to look into other financial opportunities until you’re able to bounce back. There are government assistance programs, and if all else fails, you can look into Chapter II. Keep reading to learn more.

Review Your Finances

If you’re trying to figure out how to save your business or you’re wondering if you can, review your finances. Ask yourself if you have enough money coming in to handle your rent and other utilities.

Do you have cash saved to handle any company-wide emergencies that come up? If your answer to either of these questions is no, don’t panic. You can still save your business, but you’re going to have to cut back on a few expenses.

Cutback Where You Can 

Cutting back on a few of your monthly expenses will make rebuilding your business a lot easier. Since rent is your biggest money drain, you might be able to benefit from talking to your landlord. They could be willing to cut you some slack on what you owe or allow you to trade up to a smaller space.

You should also consider outsourcing certain office functions, such as your payroll. If you have an extra phone line open for your company, you could switch to a cheaper provider.

Take a look at your business equipment. Is there anything that you’re leasing that you don’t need anymore? If so, do yourself a favor and drop them.

Apply for Government Assistance

If you’re having to refinance your company due to some kind of economic disaster, the government might be willing to give you a hand. You can apply for one of these loans on the SBA website.

File for a Chapter II 

If all else fails and you still want to save your company from business insolvency, you can file a Chapter II bankruptcy. You’ll still be able to run your company while you’re trying to get your finances back in order.

To qualify for this, you’ll have to come up with a plan to take care of your debts and show it to the court. If they approve it, you’ll have the time you need to put your plan into action. You could even look into DIP financing.

Save Your Bankrupt Business From Extinction

Having a bankrupt business doesn’t have to be the end. There are ways to take care of your debts and keep your doors open. You might qualify for government assistance or be able to cut back on your expenses.

If all else fails, there’s the Chapter II option. Start getting your business back on track today and visit our blog for more ways to keep your company afloat.