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