Episode 3 part 1: Alternatives to Bankruptcy

**WARNING**: Be sure to seek professional advice before you decide to file for bankruptcy. Consider and feel free to reach out to Neil, Steve, or any of their guests before you take this major step.**

Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don’ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.

Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond.

Highlights:
5:28 – Introduction of Guest, Nick Jalowski
7:58 – Experiences with lenders
11:28 – The first meeting between the consultant and the company
12:28 – Does the consultant work for the company or the lender?
15:02 – What is a forbearance agreement
16:43 – Does the company have a choice when the lender requests a forbearance agreement?18:26 – Importance of having good financial statement\
20:02 – Alternatives to bankruptcy
20:56 – Should the company speak with its creditors when planning a bankruptcy?
24:08 – Out of court settlements
27:45 – Gaining credibility
30:35 – Who should quarterback the restructuring plan
31:14 – What type of plan can be put into place
32:36 – Why creditors should go along with the plan
34:22 – What is a preference claim
35:27 – The chances of a successful bankruptcy
37:56 – Out of court restructuring
39:20 – Alternative plan versus a bankruptcy
42:38 – Final thoughts
43:32 – Case Study
45:57 – Where to reach Nick

Guest Info:

Nick Jalowski is the founder and has been the managing director of Cambridge Financial Services LLC since its inception. He is a Certified Turnaround Professional (CTP) and Certified Management Consultant (CMC). Formerly a corporate banker with Bank of New York in New York City, and Fidelity Union Bank in New Jersey.

Call him at 732-512-9200 x15 or email him nbj@cambridgefinancialcorp.com if you have any questions.

Host Info:

Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com.

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him sravin@saul.com You can also visit his firm’s website here.

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Be sure to come back for our next episode where co-host, Stephen Ravin, talks Neil through the other legal options to filing bankruptcy. This episode is essential for anyone looking for an option that is less expensive and less difficult than a bankruptcy filing. Steve will cover an assignment for the benefit of creditors and much more.

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