Pre-bankruptcy Planning Takes Time
Whether considering a bankruptcy filing, your decision must be based on advice from experienced bankruptcy counsel, not your accountant or financial advisor and not your regular attorney. Fox Law does not recommend bankruptcy unless it is the best solution.
Your business, its officers and you will want time and will need time to carefully plan for a bankruptcy case. Time will be needed to develop legal, business and case strategies. Prebankruptcy planning takes time. We must examine your business’ financial condition and its ability to reorganize. FoxLaw will need to consider your company’s contracts, ongoing and potential lawsuits and a myriad of other issues so that the company brings the strongest chapter 11 case possible. Fox Law has the knowledge, experience and skills to help you explore your options.
We are skilled negotiators. We think creatively to develop solutions and possibilities. We listen carefully and we look for opportunities for our clients to do well.
Debtor’s Counsel Vignette: COVID Stories
When the COVID 19 pandemic hit in early 2020, most chapter 11 attorneys had no real solutions for their clients except to liquidate their companies. The Fox Law Corporation had solutions for its clients to stay in business.
At Steven Fox’s suggestion, one client in a chapter 11, a 14 acre metal recycling facility, immediately added trash hauling work to its business clients. The business survived and thrived.
Another client that did residential plumbing work had a real problem: people would not let plumbers into their homes. Fox suggested that the company switch to commercial plumbing to utilize the septic licenses. Within a couple of months, the company was referring out its residential plumbing work (in exchange to referrals back). It was heavily into septic work with an existing pump truck and a second truck it purchased; and, its gross and net revenues during the pandemic were higher than they were before.
Fox Law guided a third company, doing single family construction with a side division of residential painting work, into commercial painting work and national chain stores. This company’s gross and net revenues doubled and tripled despite COVID 19.
Probably the hardest reorganization for Fox Law was a wholesale bakery manufacturer that lost most of its customers when the COVID 19 pandemic hit. With hotels and restaurants shut down, the bakery manufacturer lost major accounts. The national food distributors stopped most of their orders. Plus, the Debtor lost its lease during the pandemic and had to move to a new location. There were difficult months. Fox Law worked with the owners to help them obtain new accounts and customers, to reduce expenses, and to move a facility during a pandemic. The bankruptcy court confirmed its plan of reorganization.
Steven R. Fox has over three decades of reorganization experience.
The Fox Law Corporation is a bankruptcy firm with a depth of cases and information.
The Fox Law Corporation, Inc.
Bankruptcy & Related Matters
17835 Ventura Blvd., Suite 306
Encino, CA 91316
(818) 774-3545 ph. (818) 774-3707 fx.