Bankruptcy, The Answer For Your Business?

 
Have you ever wondered why doctors and lawyers ‘practice' their profession?  I have.  Today you have to be lucky to find a doctor that focuses on ‘healing' and an attorney that focuses on ‘selfless problem solving'.  It has been my experience that the word ‘practice' gives professionals the freedom to make choices that may not best serve our needs.  It's important to sift through the rhetoric and do your homework.
I 'm Sidney Diamond wife and I can often be his worst critic.  He leaves his clothes everywhere, almost never closes a cabinet door and is constantly misplacing his keys.  He's also brilliant and has more integrity than anyone I know. 
Case in Point:  I sat in on a free initial consultation with a potential client this week.  The gentleman was devastated about his state of affairs and at his wits end.  He started his business over 10 years ago, incorporated his business and now due to the economy his industry came to a screeching halt. I was impressed by how prepared he was for this meeting.  He wanted to know if he should consider filing a business Chapter 7 or a Small Business Chapter 13.  He had corporation papers, his lease, credit card statements, tax information; he knew the answers to all the questions asked and had all the documents that Sidney asked for.  He had several years left on his lease (which he did not personally guarantee), credit card debt and bank loans (which he did not guarantee).  Basically his business was in debt for almost $100,000 and the business had no assets to protect.  
Sidney recommended closing the business and walking away.  Bankruptcy was not recommended in his situation.  It was amazing to see the relief on his face.  His reality is still scary, he worries how he'll continue to feed his family, pay his mortgage and find employment.  Lucky for him he found sound legal advice.