Testimonials

From the President of a Gift Catalog Company in MD

I would like to extend my appreciation to American Finasco for the outstanding results of the service that was provided to my company. I discovered American Finasco through their website during my search for an organization that assisted commercial businesses experiencing financial distress. We assigned 127 creditor claims that totaled $315,643.00.

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Corporate Bankruptcy

We Offer a Viable Alternative to Corporate Bankruptcy

[Posted on July 14, 2008]

No corporation is immune from financial difficulties and while many usually weather out the storm, a few find themselves in dire straits.  If your corporation is having extreme financial difficulties and corporate bankruptcy is looking more and more as an option before you make this choice consider the viable alternative to corporate bankruptcy from American Finasco.

Corporate Bankruptcy is Not the Best Choice for Many Companies
It should be noted that for many companies corporate bankruptcy is not the easy way out.  In fact, if you are trying to save your business by filing for chapter 11, you could be seriously reducing the amount of lee-way you have in getting your business back on its feet.  Some of the reasons that bankruptcy- specifically chapter 11 is not the best choice include: 

The enormous amount of paperwork required by the court.  With the new corporate bankruptcy rules in place from 2005, the court can and usually will request an abundance of information from you that can be extremely tedious and time consuming to produce.  Instead of trying to get your business back on your feet, you will be doing research and producing paper for the courts.

Corporate bankruptcy filing fees can be enormous.  In is not uncommon for a business filing chapter 11 to pay tens of thousands in filing and legal fees.  This money can instead go to paying off creditors.

Corporate bankruptcy can turn into personal bankruptcy.  If the debt you are trying to get rid of is mainly of a personal nature, the court can require you to file for personal bankruptcy instead.  In addition, the court can and in many cases take over your business’s operations.  If you go bankruptcy, you can lose the right to run your own business.

For those looking to file corporate bankruptcy, you can now see it is not as easy as you would expect.  Instead, there is a viable alternative.  American Finasco has been helping companies, both large and small manage their debt and climb out of financial chaos.  With our debt restructuring plan, we offer a solution to pay off creditors in a timely manner and allow you to focus on your business to get it back to stability again. 

With over 20 years of experience and handling more than 10,000 clients we have overcome almost any type of challenge.  If you are thinking about corporate bankruptcy, give us a call first.  We can help your company get back on its feet without the need to go bankrupt.

 

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Stephen Wright and Guest Mitch Vicknair, American Finasco - Price of Business