Bankruptcy/foreclosure/repossession?
I work for a small business that is in serious financial trouble. The owner has just about all the assets in his name and the company’s name. It is a corporation… if that makes any difference, I want to know as we deal with the issues, what if any, our options are. The owner owns his home and our office building. He is going to have to stop paying on one, if not both. What do we face when that happens? How long does foreclosure take? The owner also has 2 vehicles that he has financed. He doesn’t need both and wants to turn one in, or have it repossessed. How long does that take and what kind of damage will he do to his credit report? Should he file for bankruptcy? He still wants to have the same general contracting business. He wants to do whatever he can to keep the company open. Ideas, suggestions, info very appreciated.
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February 18th, 2010 at 9:41 pm
He isn’t your worry, but the real worry for you is are you going to get paid or not. If he turns the vehicle in it will hurt his credit for a long time to come and if he goes bankrupt he will also lose all credit. Unless you are his accountant the best advice I can give you is look for another job. If he is this far down the road then I do not see him coming back right away. As a contractor he has to have good credit with out it he will not make it today. He might let the business bankrupt and then open a business very similar to it but with a different name and different principals. my advice to you is seek another job. Sorry