If you follow the advice in this lesson, you'll have a positive meeting with your financier, and you'll get the financial relief you need to repair your firm. As with your other interviews, this isn't a group exercise. The board, financiers and financiers are going to want to see you take dramatic steps to rebuild you company and, most importantly, their stake in your company. One of my purchasers in Dallas recently called me with questions about the benefits and pitfalls of petitioning for chapter vii bankruptcy. In fact, these daily and weekly control tasks are your job during the turn around. Most executives can lead their own turnarounds and save large amount (over $300,000 for the most part). Before letting her or him leave, go on a weeklong sales trip with the CSO to see your major clients. The second thing to consider is does your legal adviser have all the answers you need for your troubled company. The primary disadvantage of a prepack is that it takes much time before the petitioning and enough cash to keep the creditors happy.

After the courts-of-law review the contractual and liability obligations, they may grant relief from the shackles of some debt. If you don't, then look elsewhere. How a turn around adviser can aid you. The total time for a Chapter 7 case is normally 3 to 6 months with only two trips to the courthouse. Filing for s corporation bankruptcy is a tough decision if you are trying to turnaround your business. * Call your customers a few days before the unpaid bill due date with a friendly reminde. After filing chapter 11 bankruptcy, your enterprise must disclose all of its assets.