Not expecting a bankruptcy after only a year!
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hadrian
Apprentice
Joined: 04 Oct 2007
Posts: 4
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 Posted: 06/14/08 - 06:02 Post subject: |
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| I have recently got into problems running my company and I was not expecting a bankruptcy after only a year. I have already huge debt, and need advice from someone who’s got out of it. I would like to know is there any way to save a firm from bankruptcy. If anyone could help me, that would be great. Thanks in advance. |
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homerus
Apprentice
Joined: 05 Aug 2007
Posts: 7
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| Posted: 07/13/08 - 23:04 Post subject: |
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| There are various reasons why people get into insecure deals. People have loans or mortgages with payments they need to follow, but fail to do so. The way to get out of a debt is filing for bankruptcy However, if you want to avoid such extreme measure, you should talk to your lender and try to restructure your debt and make it more easily payable. If you have enough credibility, you should also make another comprehensive plan about what to do with the money you would obtain by restructuring. It will be hard, but that is the way to do it. Hope you find the info helpful. |
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