Things were hard enough before COVID19 broke the business world. Advertising & marketing prices were skyrocketing. Bids on pay-per-click engines were going for $15-25 per click on most engines.
The pure volume of competitors on the market was just astounding. The benefits of ‘globalism’ had shifted away from the early phases of being able to source services, products and materials for pennies on the dollar; to only slightly discounted prices than the U.S.
Then the events of the quarantine and shutdown hit businesses globally, sending us into a global recession that will take years to dig out. It’s not a wonder you are reading this ebook. Here is just a short list of some of the challenges you are facing right now:
•The business debts have gotten so large, you can’t mathematically or realistically pay them down.
•Despite not being able to produce the same numbers, you are still on the hook for long term expensive commitments. Things like facility leases, contracts, and equipment leases.
•Employees are starting to get frustrated that they must deal with business debt collectors.
•You are at a point where your personal profitability (being able to pay yourself and pay your own personal debts) is being threatened.
•You have liens on your home, and are the creditors are considering foreclosure.
If it’s time that the business has run its course, then it’s time to work with a business attorney. One who will work to try and defend your personal assets from creditors and cease the harassment from creditors.
While the Nowland Law firm focuses on serving business clients, and performing business bankruptcies, sometimes a personal chapter 7 is valid too. This is valid when you are personally liable for business debts.