“If I knew the way, I would take you home” – Hunter and Garcia
This is a tough time to get answers. Lots of people think they have them, but the smartest people are the ones who tell us they don’t. Our fearless leader sure doesn’t have them. But, the fact that he insists he does speaks volumes. Especially when his right answer from today is the opposite of his right answer from yesterday. We’re all begging to follow some kind of lead to get us home, even if it were just a Rooseveltian: “The Buck Stops Here,” instead of the now-fashionable passing of the buck. I do wish that Jerry were here to give us some wisdom and direction.
But, I digress. My name is David Madoff, and this is my first blog. I don’t profess to have all the answers, and am looking for some direction just as much as the next guy. Where I do think I can lend a hand, though, is in helping you think about how you’ll be able to resurrect your small business. I am a bankruptcy and turnaround attorney in Massachusetts, focusing my practice on guiding individuals and small businesses through economic hardship. We have helped many through the process, allowing them to emerge with less debt and a chance to move forward.
Here’s the good news, for a change. Before the Covid pandemic was even a thought (remember back then), Congress fortuitously enacted what is referred to as Subchapter V of Chapter 11 of the Bankruptcy Code, which was designed to encourage small business reorganizations. Without giving too much of a bankruptcy class, the bottom line is that the change in the Code will make filing a Chapter 11 reorganization less expensive and less time-consuming, and will increase your chances of keeping your business. Chapter 11 will help small businesses reduce, defer and re-amortize the debts that they are incurring now, and still keep the doors open.
If you want to talk about how to help your small business, email me at email@example.com.