Is your business suffering from the adverse effects of this endless economic downturn that our pundits and politicians refuse to call a depression? Have you had to come up with ever more creative ways to pay payroll, suppliers, taxes and other expenses associated with the operation of your business? Have you suppliers reduced your terms from net/90 to net/30 to COD plus? Does your balance sheet read like a scary novel? Do you dread what awaits you in your daily mail? Do you feel as if all the blood, sweat and tears you have invested in your business has been for naught? Have you lost all hope? Are you paralyzed by inaction and fear? Wait no more! Solutions exist and are available for the financial woes of your business. Call the Law Office of Barry R. Levine – – Providing Clear Solutions for Your Financial Confusion for over Thirty Years!
Business owners all too often wait too long before taking any action concerning their mounting financial problems. The sooner your business’s financial situation is analyzed, a cogent strategy created and implanted to address the myriad woes, the sooner your business will be on the road to recovery. It is, however, important that you recognize the five (5) signs of business financial distress. Does your cash flow make it increasingly difficult to satisfy the obligations of your secured creditors? Does your cash flow preclude you from paying your vendors in a timely fashion? When payday comes, do you scramble to come up with sufficient funds to satisfy your employee’s salaries? Have you discovered that the money you withhold from your employees for taxes and you collect for the state in the form of sales and/or meals tax are revenue enhancers? Was the last time you received any benefit from your business so long ago that you barely recall what it was? These are all the signs of a business in trouble. Action should be taken sooner rather than later. Call the Office of Barry R. Levine – – Providing Clear Solutions for Your Financial Confusion for over Thirty Years!
The filing of a Chapter 11 reorganization is the absolute last resort for a business beset by financial problems. After all, statistics show that nine out of ten Chapter 11s are unsuccessful. Statistics also show that nine out of ten successful reorganized businesses do not last beyond the year after their Chapter 11 plan has been confirmed. There are a number of other alternatives available to the business owners short of filing for Chapter 11. There is a composition agreement wherein we negotiate with your creditors in an attempt to reduce the level of your payables. There is the trust mortgage wherein this is accomplished in a more formal setting. Lastly, there is the out-of-court reorganization with your creditors. All of these are alternatives that should be explored prior to making the decision to file a Chapter 11.
When is a Chapter 11 necessary? If your secured creditor and/or the taxing authorities are threatening to seize the assets of your business, a Chapter 11 is necessary. If a creditor is seeking to reach and apply your accounts receivable, a Chapter 11 is necessary. If a creditor is seeking to enjoin your business from operating in any way outside the ordinary course of business, a Chapter 11 is necessary.
Where does your business currently stand? Is there still time to explore the other avenues available to you short of the filing of a Chapter 11? Is the filing of a Chapter 11 the only alternative available to you? Call the Law Office of Barry R. Levine for a financial analysis and diagnosis of just where your business stands. We will review your financial situation and development that most appropriate course of action tailored to your circumstances. Do not delay! Every day you procrastinate could be a day closer to the demise of what you have worked long and hard to create.
Call the Office of Barry R. Levine – – Providing Clear Solutions for Your Financial Confusion for over Thirty Years!