Posted on
February 25, 2010
at
2:36 am
I read about individual consumer debts here and the appropriate debt relief for them -but can you also give company debt advice?
Posted on
February 25, 2010
at
2:46 am
At first I thought I read there - The Debt Advice Company ..
Posted on
February 25, 2010
at
4:46 am
Re: company debt advice- without knowing the details of your financial situation..I'm afraidthat's going to be almost impossible. We could be advising you to file for bankruptcyand ruin everything for you ... that would probably get rid of your debt, filing bankruptcy,but it might also get rid of your whole business..
Posted on
February 25, 2010
at
4:51 am
I agree with the sergio, bankruptcy should be the last resort - and hi, I read somewhere that there aree two alternatives to-bankruptcy -one is called out-of-court workout with te creditors/lenders (might save the business ). The other one is assignment for benefit of creditors (this might be a way of liquidating the business with minimal state court supervision).
Posted on
February 25, 2010
at
4:55 am
Are you foreseeing a legal action in the near future? I know they said that bankruptcy should be the last resort - and we don't know if you want to save the business orjust get rid of the debt - but bankruptcy's automatic stay can buy you time. Thealternatives to bankruptcy that they mentioned ... if the creditors accept, could preventthem from filing a suit against your business.
Posted on
February 25, 2010
at
4:57 am
Which would be more costly a Chapter 11 bankruptcy or a work out? Whichwould the creditors/lenders prefer?
Posted on
February 25, 2010
at
5:23 am
Bankruptcy would always cost more, I imagine, and the creditors generallydo not like getting dragged into it - inside the bankruptcy forum they can be bound toto the proposed plan - but they can be rogues inside of a work out plan. Not reallyan expert in this, perhaps you should see a financial expert.
