Our First Task: Reviewing Your Financial Condition And Protecting Liquid Assets Or Remaining Equity

A very important part of the workout scenario is a starting point financial picture. Once we have this, we build our strategy to accommodate your condition.
Our overall objective is to remove debt from your business and to reduce your personal guaranty to affordable losses. We start with a focused review of your financial statement, looking at the borrower’s assets, liquidity and equity. The idea is to reduce your net worth and protect your assets as much as possible with allowable transactions and movement. That means no fraudulent transfers that a bank could force us to undo.
This leaves us with plenty of leeway as there are many strategies we employ to present the borrower in the light most beneficial to his workout. This is our responsibility, our mandate and certainly one of our purposes, to protect assets. It is the first job Is Credit Card Secured Or Unsecured on our list, which also includes arranging for appropriate appraisals (the kind we need), liquidated value appraisal and the collection of important and revealing financial documents so that we can see the whole picture and adjust accordingly if appropriate.
The SBA and banks set many traps to capture available liquidity, such as cash values of insurance policies and funds that are often presumed to be protected but that are not, such as college saving funds Finance For Companies or even IRAs which, while thought to be invincible, actually have limited protection in many states, very limited. All this and more must be reviewed and included in our debt workout strategy.
The good news is that much of this can be saved and utilized in the workout without necessarily transferring or liquidating. Much of it can simply be utilized in the workout equation as available and accounted for but not liquidated or foreclosed upon. This works, and it is a very important part of our process. Much ground can be gained with a proper evaluation and the resulting strategy.
Remember that the overall goal is the reduction of the massive debt that is controlling your life. It will cost something, but not more than you can afford and that is the point of it all-affordable losses.
One final thought… If you are not in default, you are free to make financial moves more safely than if you are in default. Therefore, his is another reason why preemptive workout strategies are more powerful than waiting until the horse is out of the barn.

READ  Advice For Those In Need Of Bad Credit Personal Loans