Bankruptcy is a very difficult process to go through. I know because I have witnessed how the owner of the construction company I worked for 8 years suffered from the feelings of guilt, discouragement and failure. For three decades the family-owned business was the leading construction company in our region. Almost all of the government projects like highways, bridges and housing projects were undertaken by the company. It was because of this prestige that I was motivated to work for the them .I enjoyed the many benefits the company offered to its employees like profit sharing, medical allowances and cash bonuses. It was on the 6th year of my employment that it experienced financial difficulties not only because of mismanagement but also because of the Peso-dollar inflation. It could no longer pay the loans which were acquired in dollars and some officers who were holding important positions left the company.
Thanks to the bankruptcy attorneys who offered their services. They were able to trouble shoot the root of the financial problem. Cost –cutting was implemented and loans were redirected. The company was also selective in taking projects which are not gaining much and some employees benefits were slashed. After two years, the company was able to rebound and recover its loses.
( I am participating in a blogger campaign sponsored by Bucks2Blog in behalf of Las Vegas bankruptcy attorneys and was compensated. However, the views and opinions are my own.)