By Terry E. Hall, Faegre Baker Daniels LLP
Although this article is about the relief individuals feel after bankruptcy and putting some manageable certainty into their lives, as a lawyer that works with distressed companies in bankruptcy, I can tell you that the owners of closely held small and mid-size businesses feel the same way when a Chapter 11 case works and the business debts are relieved and made more manageable. Often these owners have contributed everything, including what would be their own exempt assets, to try and keep the business afloat as well as personally guaranteed all the debts. Successfully restructuring a closely held business is really relief doubled – business and owner survive. Check out the article for more on this topic.
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