LevinCyphers Bankruptcy & Corporate Reorganization:
While there is no comparison to the health crisis the entire country is experiencing, the short and long term financial impact presents very challenging times for small and mid-size businesses.
After the PPP monies are spent and all of the loans are exhausted, businesses will have to address what their company will look like.
Will there be permanent reductions in staff and operations? For Certain.
Will revenues be reduced? For sure.
You will be inevitably faced with these types of questions as well as decisions on how to handle accounts payable, your debts and other obligations.
A widespread reaction will be to file Bankruptcy whether Chapter 7, Liquidation or Chapter 11, Reorganization. But these should be last on a long list of options that are available to you.
As hard as it may be to look at your situation with a sober reality, you must. The first and probably most important aspect to potentially improve your reality is honesty. We can’t stress the critical importance of a clear assessment of where you and your business stand.
Many of these approaches or strategies may not be apparent, which is why you should consult with experts who not only know all of the strategies that are available but also know how to make them work for you.
We invite you to contact LevinCyphers for a frank and confidential conversation of the strategies that are available at your fingertips.
As the old expression goes, “When you find yourself in a hole, stop digging.”