What are some ways a builder can recover from bankruptcy?
What are some ways a builder can recover from bankruptcy? Tim Cella used to work at several law firms First of all you need to know you CAN recover. It’s 100% possible. Recovering from bankruptcy is a difficult process, but there are several steps a builder can take to get back on their feet. The first step is to create a plan. A builder will need to outline their goals and objectives in order to create a roadmap for recovery. This plan should include a budget, a timeline for completion, and a strategy for achieving their goals. The next step is to determine the root cause of the bankruptcy. Often, builders will have too much debt or have over-leveraged their assets. It is important to identify and address any issues that led to the bankruptcy, as this will make it easier to get back on track. Once a builder has identified the cause of the bankruptcy, they should begin to make changes to their business plan and operations. This could include reducing costs, renegotiating contract...