Avoiding Bankruptcy
Posted on August 3rd, 2009As I try to see some nice deals for a Stearns and Foster mattress to replace our old mattress in the bedroom, I could not help but think about the situation that my small business is facing… I am almost on the verge of bankruptcy and I am willing to do just about anything to keep it so I checked the internet to see if there are things that I haven’t done yet to save it. The first thing I saw was the advice about working out a deal with creditors, where it was said that I should try to set up a plan that is similar to as a bankruptcy trustee would do, and try to see if I could get creditors to accept it. I thought it would be a good thing to try so I kept the information in my laptop. Another is if in case all else fail, I should go for assignment the benefit of creditors, which is a state law process. It was said that this is good for private companies so I might as well do some research on it. At this point, I am certain that I am willing to do anything to save the company that I built.
