What are you waiting for, workout your debt now! Bankruptcy is NOT the only bailout plan for debt forgiveness

The statistics tell the entire story, over 5,000 bankruptcies per day are being filed and those that are business oriented could have been worked out. Either saving the business by stripping the debt so the business can continue and/or reducing dramatically the personal guaranties through a workout. Bankruptcy is NOT the only option. Workout your debt while preserving assets and live to play another day without losing everything you own…including your home. That is the best plan of all, a small business bailout plan that works.

Yes it sounds too good to be true and no it is not just a matter of arguing louder, begging for leniency or modifying current debt adjusting amortization schedules or interest rates, it is all about massive reduction of principal debt, a goal that can be achieved with a workout plan that is expertly prepared and delivered…yes it is part science, part art, a little reality and a better result for all involved, bank and borrower.

I have spoke often about the incredible success we have with our workout strategies, but it is clear few are getting the message. Those that we serve are experiencing the second chance opportunity we provide, the others are faced with annihilation by the secured lenders, the banks, or prefer bankruptcy another form of self destruction.

The problem is, those that attempt to do it on their own, fall into a myriad of traps, barriers and obstacles that only experience, skill and expertise can lead you through. Do not attempt to do this alone, on your own, with pure logic as your guide, if only the banks were driven by such realities. They are certainly influenced by these guidelines but influence alone will not prevail or deliver the desired result.

A few suggestions on while on your way to finding a workout advisor capable of leading you to your desired goals:

1. Do not wait until you are cleaned out, on your last leg, out of cash and out of steam. Do it when you see the end is inevitable, but before all is lost and spent.

2. Accept the reality that revenues are down and will remain down. This is not a speed bump we are experiencing but a changing economic environment that will not be returning to the accesses of yesterday for a long long while. Plan to live in today’s market as this is what it will be.

3. Downsize!

4. Prepare your financial picture to represent exactly what is necessary to present yourself in the light most beneficial to YOU, not the bank.

5. Get effective representation, not a bankruptcy attorney.

6. Be prepared to accept change.

7. Re-invent yourself. The objective is a soft landing…

8. Workout your debt safely.

It can be done, but remember, if you go to the bakery you will get a loaf of bread. if you go to the meat market you will get meat. if you go to a bankruptcy attorney you will go bankrupt. Find a workout specialist and get a workout.

Call us for analysis and options, 413-584-2581 Norm will arrange a no obligation teleconference. Explore your options.