3 Issues for Businesses to Consider Before Restructuring or Filing for Bankruptcy by Liz Freeman

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As the economy continues to struggle, many businesses will find they need to restructure debt with their creditors or file for bankruptcy. Liz Freeman, a partner in Jackson Walker's Bankruptcy, Restructuring, & Recovery practice, lists three things for struggling business owners to consider right now.

1) "Cash is King." Maintaining liquidity is important for a business to continue operations through the process. It is possible to be too broke See more +

As the economy continues to struggle, many businesses will find they need to restructure debt with their creditors or file for bankruptcy. Liz Freeman, a partner in Jackson Walker's Bankruptcy, Restructuring, & Recovery practice, lists three things for struggling business owners to consider right now.

1) "Cash is King." Maintaining liquidity is important for a business to continue operations through the process. It is possible to be too broke to go bankrupt.

2) There are creditors (and taxes) that still need to be paid.

3) Gather data about your business, and make sure you know your business operations well enough to understand if there is a viable business to be saved.

Timing is important as well. Do not wait too long before contacting a restructuring advisor, as delays could destroy a good business.

For more information and additional JW Fast Take podcasts and webinars, visit JW.com/Fast. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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