| There is a padlock on the delivery gate. Most of the | | | | they discover, only too late, that going to an attorney |
| manufactured pre-cast products formerly stored on | | | | to file business bankruptcy only makes their situation |
| pallets in the back lot are gone. The building has a huge | | | | worse. Janelle made the fatal mistake of using a |
| "For Lease" sign attached to the front. Janelle, the | | | | cheap attorney. When the lawyer looked at her, he did |
| former owner, drives by in a Rent-a-Lemon car. She | | | | not see a businesswoman in need of sound advice, |
| had registered both her automobile and delivery truck | | | | but an expense paid trip to the Orient. |
| in the name of her business; and, like everything else | | | | To make matters worse, this attorney didn't even |
| she had worked for years to build up, they are gone. | | | | specialize in bankruptcy proceedings. Therefore, he |
| How did it all happen? She had run this business | | | | couldn't prepare her for what could happen to her and |
| successfully for over twenty years. When events | | | | her business. The incompetence of her bankruptcy |
| turned sour, everything happened at once. First, a | | | | lawyer left her with no legal alternative when the |
| powerful and wealthy client sued her for nearly a | | | | bankruptcy trustee decided it was time to liquidate her |
| half-million dollars. Then, other clients, sensing the | | | | business. |
| distress, started using one of her competitors. Her | | | | An honest bankruptcy attorney would have explained |
| financial problems soon followed. Eventually she | | | | the process and given Janelle other options. Why? |
| couldn't make payroll, so she decided to file business | | | | Business bankruptcy is not usually the best choice for |
| bankruptcy. | | | | small businesses. Most do not survive and eventually |
| Unfortunately Janelle didn't do her homework. Instead | | | | must liquidate their assets. The process is expensive |
| of seeking out an experienced bankruptcy attorney, | | | | costing anywhere from $50,000 on up. Your company |
| she used a small law firm that she knew about | | | | must have at least that much in the bank to emerge |
| through a friend of a friend. Her selection of | | | | successfully. |
| representation was bargain-basement. She never | | | | As with any other large investment, Janelle should |
| went to the website of the state bar association. Only | | | | have shopped around for an attorney. If she decided |
| later would she discover that her attorney had his | | | | that bankruptcy was right for her business, she should |
| license suspended not once, but twice in recent years. | | | | have interviewed several lawyers. A bankruptcy can |
| Doing a Reality Check | | | | take up to five years to complete. This means you |
| In this case, Janelle suffered from a sense of | | | | should plan to have a long-term relationship with your |
| invincibility. Clients had threatened lawsuits before and | | | | bankruptcy attorney. Make sure you trust this person |
| she had successfully handled them through mediation. | | | | and have good communication with him or her. |
| This time, however, it was different. At the first sign of | | | | Janelle's is a classic case of doing too little, too late. |
| trouble, she should have done a serious reality check. | | | | Her story didn't have to end this way. When your |
| When everything first started, she just had a troubled | | | | business gets into trouble, make sure you explore all |
| business. After she let it linger, it turned into a liquidation | | | | your options. Find out what it takes to turnaround your |
| business bankruptcy with the loss of the personal | | | | business or simply shut the doors before deciding that |
| property securing her business loans. | | | | business bankruptcy is right for you. While filing |
| Business Bankruptcy: Know What You Are Getting | | | | Chapter 11 can save some businesses, going into the |
| Into | | | | process unprepared and with the wrong lawyer can |
| Small business owners across the country turn to | | | | destroy it. |
| business bankruptcy when they get into trouble. Often | | | | |