Bankruptcy Chair Joseph L. Schwartz was quoted recently in the November 2019 New Jersey Business article, “Basic Chapter 11 Bankruptcy Considerations - What are the broader expectations and/or considerations surrounding Chapter 11 bankruptcy?” Joe discusses the importance of reaching out to professionals at the onset of the problem, noting that, “the worst thing is when you are having severe liquidity issues, you are in default under your line of credit with your financial institution, and then you come to a lawyer after it is ‘eleven fifty-nine.’ Then, it’s almost impossible to get out of the situation you are in, and you find yourself liquidating when you could have restructured, had you come to a professional earlier on.” Joe also mentions the cost of the Chapter 11 process saying, “The process itself is expensive. As a result, most companies will have a hard time navigating through the process and actually coming out as a restructured or reorganized company.”
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