Since this is the case, it is always best to think about all possible avenues before filing chapter seven bankruptcy, even Chapter 11. If this describes your circumstances, you should get yourself to a competent bankruptcy lawyer immediately. Despite your location, enterpreneurs have two options when declaring bankruptcy, Chapter 7 or Chapter 11. Hiring an ethical and competent legal adviser makes the different between whether you emerge from bankruptcy with your expected result or just end up with huge legitimate fees and a giant mess. Anyhow, now is a good time to show them that you are taking steps to fix the company. * Factors do not ask for equity in your firm. My target was to give you as much info as possible, hence you will have every tool available to turnaround your enterprise. First, the business pays secured.

Individual protection phase (Lesson 2). Attorneys-at-law do not know your enterprise the way you do and may not be able to supply the right answers. * Determine when you're in the zone of bankruptcy. It is a simple matter to go online and find this information. Potential purchasers could be healthy competitors, purchasers that want to integrate backward, or suppliers who want to integrate forward. Step 1 - Send creditors a letter to calm them. * No formal accountability including budget reviews and job appraisals. Clearly, you do not have time to set up a new sales and selling strategy.