In these challenging financial times, many businesses will be faced with significant hurdles, such as declining revenue placing debts in default, inability to perform under leases and lawsuits to collect debts. Fighting each of these battles is overwhelming and costly. Filing a bankruptcy case allows a business to be heard in the forum of their choosing. Following are some of the benefits of filing a bankruptcy under Chapter 11 or 7 of the Bankruptcy Code as well as the new provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides advantages for larger businesses and significantly reduces the cost of Chapter 11 cases. More.