Legal Question in Bankruptcy in Michigan

Re: business

There are a number of considerations regarding your situation. Who owns the building? Are you signed personally for any of the debts of the company? How much money are you talking about? In situations such as this you need to sit down and weigh your options. Bankruptcy may not be your best solution. You may be able to work a deal with the creditors predicated on selling the building. They may take 15-20% of what they are owed as opposed to nothing. It is generally better to work things out outside the bankruptcy courts. Once you are in bankruptcy court you no longer are in control. The bankruptcy trustee is in charge. Good luck.