Pre-bankruptcy Planning Takes Time
Whether considering a chapter 7 or a chapter 11, your decision needs to be based on experienced bankruptcy counsel. The Fox Law does not recommend bankruptcy unless it is the best solution. Your business and its officers require the time to carefully plan it’s bankruptcy strategies. Pre bankruptcy planning takes time: the businesses’ financial situation needs to be sorted; its legal contracts should be reviewed; all lawsuits should be looked at in terms of a bankruptcy’s effect. Sometimes a client will ask for counsel on bankruptcy issues–without filing a bankruptcy. Bankruptcy is one option; you may have several options to explore before making a final decision. The Fox Law has knowledge to help you explore your options. Discussions about alternatives or negotiation terms with respect to bankruptcy save money and alleviate stress. Our attorneys are skilled negotiators. We think creatively to develop solutions and possibilities.
Debtor's Counsel Vignette: COVID Stories
When the COVID 19 pandemic hit, chapter 11 attorneys had no real solutions for their clients. The Fox Law Corporation did.
At Steven Fox’s suggestion, a metal recycling facility immediately added trash hauling work to its business clients in order to survive.
For another client, a residential plumbing company that happened to have septic licenses, Fox suggested that the company switch to handling septic work. In the six months following the national shutdown, the company acquired a new truck for septic work, increased its gross revenues and net income considerably. It’s no longer mired in the low end residential plumbing work.
A third company, doing single family construction with a side division of residential painting work, was guided by Steven Fox to move into commercial painting work and also obtain work from national chain stores restocking and reshelving their stores. This company’s revenues doubled and tripled despite COVID 19.
Steve Fox guided a homeopathic remedies manufacturer, which found that its in-store sales were declining in spring, 2020, to establish a stronger online presence. In contrast, most chapter 11 attorneys did not know what to do, and so their reorganizations failed.