You may need to couple this effort with a search for better payment terms and higher loan limits. Third, you will force all employees to put travel and related expenses on their own advance cards. Then, when you take insolvency later, the credit card company will show the law court that you never intended to pay your debts from the day you made your threat. You delivered the goods and services, but, because the customer did not pay, you don't have enough cash to pay the rent and create payroll.

You understand that I'm not a big fan of credit counseling. When your company begins to fail, you must let go of your dream. We are not looking for more cash from our financier, but only forbearance to miss producing our principal payments in Q2 and Q3 totaling $200,000. Your personnel are under much stress. When you file, a guardian will be appointed to liquidate your assets. You can renegotiate your loan agreement with your financial institution. Where do you find the info you need to rebuild your firm? This are going to go on until one side accepts the other's counteroffer. Unquestionably, lowering your expenses and increasing your prices will make more liquid assets from operations. Usually, publicly held businesses file under Chapter 11 rather than Chapter seven because the management can live on to run their business. When you can't pay the rent or the bank needs their credit payment (or whatever crisis that you're facing at the moment), learn what to do next. This preparation will help you make the right options as you negotiate with the prospective buyer.