Is Bankruptcy an option?
Of course it is . . . all you have to do is pay the price!
Before you consider the bankruptcy option you need to be aware of the physical, emotional and monetary cost. Your bank probably has you on their books as a “TOXIC ASSET”. They may be more interested in liquidating your business than saving it. Obviously, since you are on our turnaround website this is a conflict of your best interest.
WHAT DOES IT COST?
You will suffer physically from the STRESS of dealing with lawyers, bankers, judges, trustees, vendors, employees etc. You won’t sleep well, you will either lose or gain weight (the opposite of what you want) and your immune system will fail you. Your cognitive skills will erode and you will lose your ability to focus.
EMOTIONALLY - The loss of self esteem will damage relationships with those you love. The loss of respect will damage your business and community standings.
And MONETARILY you will lose “everything”. In most states you will get to keep one head of livestock, a gun, your wedding band and your IRA. You will lose your home, the cash in your pocket and anything else the court deems of value. You will have to pay a lawyer and they don’t come cheap.
* The Trustee assigned to your case may be compensated by a % of the assets they recover!
How long does it take?
Typical business bankruptcies drag on for years. You will always be looking over your shoulder. And . . . you just gave up the opportunity to get credit for the next 7 years.
Don’t give up. . . Download our “Roadmap for Owners” and give us a call. We can help!
