Six Bankruptcy Myths – Second Wind Consultants

6 Bankruptcy Myths That Can Cost You Everything:

Think bankruptcy will ease your debt burden? Think again.

1. “Bankruptcy offers me a clean slate.”

No. Here’s the truth: in Chapter 11 bankruptcy you still repay 100% of your debt over a period of five years, almost without exception. This means you get no actual debt reduction and your business credit gets destroyed nonetheless. Furthermore, things will get a lot worse if the plan falls ...

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Merchant Cash Advance Loan Default Protection

How to Protect yourself during a Merchant Cash Advance Loan Default

Recently Second Wind Consultants has seen a large influx of business owners overburdened with merchant cash advance loans and other forms of high-interest short term financing. Instead of one large monthly payment, these multiple, often daily, payments are strangling cash flow of an otherwise “stable” business. We have well-received articles on Defaulting on a Merchant Cash Advance Loan that have been well-received.

The most common profile is a ...

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Business Debt Schedule – How to Best Prioritize Debts

Business Debt Schedule – How to Best Prioritize Your Debts

Running a business requires a business owner to wear many hats and display many skills. They must be involved in areas such as sales, marketing, managing their workforce, managing customer relationships, and leading their business to success through astute financial practices. As described in our book Successfully Navigating the Downturn, there are four pillars to success that all business owners must be sufficient in. They are Management by ...

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Unsecured Vendor Debt – Second Wind Consultants

Unsecured Vendor Debt

The Most Important Debt Forgiveness Workout

While most debt forgiveness experienced in workouts that we focus on is on the secured bank debt, the big loan, the bank being with high value and a well-secured creditor, as it is secured by your assets and your guaranty in most instances and thus is the primary focus for resolution.

However, this is not always the case, that this secured loan is the most damaging, as the reality is ...

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