Typical Chapter xi cases will be able to cost $50,000 on the low-end, and a fee as high as $1,000,000 is common. When filing business bankruptcy becomes unavoidable. You may be aware there are two different forms of chapter 7 bankruptcy. When your business is struggling to survive, you can't keep these promises. You will have to be creative on reducing costs, lowering your interest expenses (again see Lessons 9 and 14), and finding ways to boost your sales number (Lesson 16). Third, if the representative won't lower your interest rate or can't meet or beat your lowest interest rate, you must politely ask for a boss.

To be clear, I don't recommend that most CEOs and owners hire a turn around expert. You can get more referrals from your bookkeeper, your legal defender and your lender. When you know your income can't go any lower and your liabilities won't grow any larger, this is the time to negotiate a resolution. To get them the necessary experience, you will need to put them into positions that they may initially locate uncomfortable. You have shrunk your company to just the money-making core function, and, accordingly, you should be producing positive cash flow. You only need to estimate those expenditures that you're not going to include in your expense budget. You should anticipate a good legal defender to talk insolvency options such as Assignment for the Benefit of Lenders and insolvency. You need to weigh up the possible benefits of filing a chapter 11 bankrupsy claim against the definite costs (attorney's fees) and the possible downsides (you may have to liquidate and lose control of your business anyway). Your organizational structure are going to change monthly, if not weekly, during this critical time.