What
the lawyers are not telling you about bankrupcy chapter 11...
If your business is failing, you may be facing the possibility of
Bankruptcy Chapter 11. Innocent mistakes often cost otherwise successful
businesses their security and peace of mind.
Filing bankruptcy chapter 11 is a decision that only you can make.
To decide properly, you should research all your choices before filing
and defaulting. In particular, you should know your alternatives
to default and how you can turnaround your business. Armed with this
knowledge, you can make an informed decision on whether bankruptcy
chapter 11 makes sense for your and your business.
Let me tell you more.
Stresses related to a troubled business may be keeping you from
taking the steps to save it. The time you spend worrying about paying
your loan payments, your employees, or the IRS, is taking precious
time away from properly running your business. It’s a vicious
cycle. Because your worries are stopping you, your business declines
further. And this causes even more worry and less action.
Relying on Lawyers To Keep You Out of Bankruptcy Chapter 11 is
Not a Good Idea
Typically, the procedure for filing bankruptcy chapter 11 is the
same for all businesses. Businesses struggling with cash issues become
overwhelmed by the constant bombardment of creditors. Often your
creditors harass are harassing you into paying what you owe.
Right now or else! Does this sound familiar?
This is because that is the only weapon they have. These threats
can further add to your confusion and stress, and you simply tire
of fighting them.
Without doing any research, many business owners decide that chapter
11 bankruptcy will magically just make their debts go away, and save
their business. These owners go to an attorney’s office, and
the attorney promotes the idea of filing bankruptcy. Why? Because
these lawyers make a fortune from your filing.
Trying to get creditors to leave you alone should not be the deciding
reason in choosing to file bankruptcy. Even though this approach
may seem like a good idea and bring relief for the stress of creditors,
it is only temporary. This short solution will give you some relief,
but in the long run it will not save your business.
Almost all small businesses that file bankruptcy chapter 11 never
emerge from the bankruptcy court. The judge just sells the assets,
pays your attorneys and the creditors get the rest. You get NOTHING.
A much better alternative to lawyers and bankruptcy chapter 11 is
to do everything you can to turn your business around. You can find
training manuals that not only take you through the proven business
turnaround steps, they also make it easy to do so. And, the best
of these tells you if your business is even worth turning around
or if you should just throw in the towel now.
Our
recommended approach to avoiding bankrupcy of your business
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