At William H. Oliver, Jr. & Associates, many of our bankruptcy clients are what you would call successful businesspeople. Their companies are growing and profitable. If you are new to the concept of declaring chapter 11 bankruptcy in New Jersey, you might think of it as the mark of a dying business — but that is rarely the case.
In fact, bankruptcy is often a way that our clients’ businesses are able to maintain operations and continue to expand. We believe that standing by our clients throughout the six-year chapter 11 process helps them repay their renegotiated debts with confidence and regularity. We also find that business owners are often able to streamline their practices during bankruptcy, leading to even greater success in the future.
One example of a common revelation we notice among our clients is the importance of controlling cash flow. Time Magazine offers a few cash flow tips for young businesses that might help if you were planning ahead to avoid debts piling up in the future:
- Make sure you would be able to handle prospective clients — and that they intend to pay you
- Get a birds-eye view on your finances
- Leverage proactively, perhaps by securing a line of credit to cover major expenses such as payroll
Once they get involved with the process, our clients rarely see chapter 11 as anything other than an opportunity to get a fair shake on their outstanding debts. Our extended network of financial and professional advisers often helps small business owners get a new perspective on their own company, leading to future success. Please continue reading on our legal site.