When to Consider Business Bankruptcy
There are typically many warning signs that a business is or may soon be in serious financial trouble. These can include the following:
- You are not paying withholding taxes in order to retain cash needed to operate the business;
- You are stretching your payables out over longer periods of time;
- Your business incurs a catastrophic loss due to death, casualty, embezzlement, or other event;
- You are unable to make payments on a secured loan or payments are constantly late; and
- One or more or more of your major customers is going out of business or filing bankruptcy.
It is very important that you not wait until creditors are threatening serious action in these situations, but that you contact Grochocinski, Grochocinski and Lloyd as soon as possible to determine an appropriate course of action. We may well tell you that bankruptcy is not necessary, but we can help you to preserve your options, something you may lose if you wait too long to seek professional assistance.
