BANKRUPTCY AFTER CORONAVIRUS PANDEMIC

BANKRUPTCY AFTER CORONAVIRUS PANDEMIC

Is It Time To Bail Out And Start Over With A Totally New Financial Life

First – let’s take a look at the current business environment as a result of the Coronavirus Pandemic Business Shutdown.

Bankruptcies are expected to increase dramatically from the high current rate.

So, let’s see what CNBC has to say about the current situation.

How Coronavirus Set Off A Bankruptcy Wave For The U.S. Economy

CNBCThe coronavirus pandemic is bringing on a wave of bankruptcies in 2020. And it’s not just the retail sector that’s suffering. Automotive, aviation, telecom, and oil and gas companies are all feeling the pain as consumer demand dries up. Despite the billions of government support and loans, it might be too late for a lot of companies. Experts say we’re on track to mirror the number of commercial bankruptcies seen during the Great Recession. So what do all of these bankruptcies mean for the economy moving forward? And how do big brands bounce back successfully after they’ve filed for bankruptcy? CNBC explores bankruptcies and the impact it can have on consumers, businesses, and the economy as the race for a vaccine continues. 

Ready To File Ch 11 or 13? Hold On – Let’s Take a Longer Term View

Is the business you’re trying to save by filing a Chapter 11 Bankruptcy Reorganization really worth saving? The attorney fees can be substantial and the Chapter 11 Bankruptcy process can be long, complicated, and drawn out.

If your business is against the wall financially, your chances of obtaining financing during or after bankruptcy are almost impossible.

After reviewing the situation, you may find your best path moving forward is just to just pull the plug and file a Chapter 7 Bankruptcy and move on with your life.

Don’t give up, we have a solution for you. Be sure to read on.

Or, in the case of a Chapter 13 Personal Reorganization Bankruptcy, is it worth stringing out the agony and expense over several years? And after all that your personal credit is still destroyed.

Don’t give up, we have a solution for you. Be sure to read on.

Is It Time To Start Thinking About A New Business Model

As the video above points our – The Coronavirus Pandemic Shutdown has changed the way of doing business forever.

Let’s do a little brainstorming:

1. Can you take your knowledge and experience from your last business and go all digital?
2. How can you streamline your new business model and make it less employee reliant?
3. Have you thought about using all Independent Contractors remotely online?

What About Financing Your New Business?

It will get harder to find financing for “Small Businesses” going forward; however, the banks and other lenders will move more towarde financing “Larger Businesses”.

What if we could make your new “Small Business” look like a “Larger Business” to the lenders and banks so that you can obtain financing so you can grow your business going forward?

It’s time to start using the same tools that the “Big Guys” do.

THAT “TOOL” IS CALLED >>> “BUSINESS CREDIT” <<<

Bloomberg did a survey of 1000 small businesses nationwide and found that 86% of the business owners did not know they could be using “Business Credit” instead of “Personal Credit” to run their business.

Personal Bankruptcy? Start Your Alternate Financial Life