Although the legal forum protects your business from people you owe, the aim of corporate Chapter seven bankruptcy is keep your company's doors open while you pay off your liability. If a bank is a preferred lender, it preapproves the credit on Small business administration's behalf using S.b.a. rules. Debt negotiators work frequently with people you owe and sellers and get releases of personal guarantees for their customers. Fourth, how the press, your competitors, your patrons and your suppliers are going to react to the bad news may be worrying you. Marriage and family - you and your husband or wife should. The longer you have your second-in-authority in place, the more valuable your business will become. If the sales team can't reach its sales targets, then you should take some reformatory action with the sales force. * Does your company offer only company liability reduction services and no individual debt consolidation?

If the financial institution does not see the light, then take bankruptcy and buy the financial resources back in the bankruptcy proceeding at the fire sale value. If you cannot pay the rent or the bank desires their credit payment (or whatever catastrophe that you're facing at the moment), learn what to do next. The creditors are going to think about your engagement of a professional debt mediator as a positive development. Be prepared to ask relevant questions and recognize all of your alternatives. The bank carries some risk since the Small business administration only guarantees 70 to 80 percent of the total advance amount. Besides, if you can't hold the sale at your company site for some reason, numerous experts at liquidation sales are going to understand where to have the sale or might have their own site at which to conduct a sale. * Have human resources and your corporate attorney review RIF Plan. During the meeting with your seller, your first agenda item must be your market look at results.