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Want to Save Your Property?
No one can dispute that we are in a down economy and the light at the end of the tunnel is a distance away. However, many are standing in the tunnel on the railroad tracks and unfortunately, the light at the end of the tunnel is moving toward them ' and it is definitely a train. So, what do you do when the train is bearing down on you at 70 m.p.h.? You have a few choices. You can:
- Give up and get crushed;
- Lie down on the tracks and hope the train passes over you;
- Jump out of the way to the left;
- Jump out of the way to the right; or
- Yell for Superman and hope he comes to the rescue.
The same can be said for your financially troubled business.
Is Bankruptcy the Answer?
Many business owners who are faced with a matured bank loan or multiple debts that are long past due immediately think that bankruptcy is the only way out. This could not be further from the truth. While bankruptcy may work for some businesses, it does not make sense for most. Certainly there are cases where bankruptcy is the answer; however, those instances are few and far between. When clients come to my office thinking about filing for bankruptcy, I usually end up talking them out of it in favor of other strategies.
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