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In 1996, businesses and individuals filed for Chapter 11 bankruptcy 109 times in Denver's U.S. Bankruptcy Court, according to the court clerk. The court received 16,336[URL=http://www.igsstar.com]buy WoW Gold[/URL],total bankruptcy filings last year, including 13,086 requests to go straight into liquidating Chapter 7 bankruptcy. Reducing the pain Though bankruptcy is rarely an attractive option, local bankruptcy attorneys say there are some ways to make the process less painful whether you want to sell the company, liquidate it or nurse it back to health. Wasserman advises people to abandon the ostrich approach that puts many executives and business owners in denial. "Instead of avoiding the problems, what they should be doing is talking to a professional," Wasserman said. The typical scenario involves desperate hope and costly delays that allow bills to pile up and destroy a company's credibility. "There is nothing to be salvaged at that point," he said. "They have burned their creditors because they have been shucking and jiving." Harvey Sender, also an attorney with Katch Sender & Wasserman, sees bankruptcies from the perspective of a trustee, but his advice is similar. "The best course of action is to maintain some level of credibility with your creditors," he said. "That means telling them the truth instead of lying to them. If you have an angry group of creditors, it's going to be harder and more expensive." There are ways, however, to keep a business out of the lawyers' hands. Steve Demos, president of White Wave Soy Foods, credits the survival of his natural-food manufacturing business to "straightforwardness." The Boulder entrepreneur has had to give the straight dope to creditors more than once, telling them they can either stick by White Wave during[URL=http://www.aocgoldweb.com/the-age-of-conan-power-leveling-aoc.asp]aoc power leveling[/URL], the lean times or fight it out in bankruptcy court. "It's the crash- and-burn syndrome that we consider the cycle of business," he said. White Wave, riding a crest in 1994, borrowed big money when cash flow was good to bankroll product expansions. Two years later, times were tight and the banks came calling. "It's amazing how short their memories are," Demos said. "It's unbelievable." While the first step is laying out the path to wellness, Demos said the second is execution. "Let's not kid around, you've got to do it," he said. Sometimes, however, management can't be part of the solution because it is part of the problem. Peter Spanberger, vice president and managing director of the Denver office of RHR International Co., is often asked to analyze management structure of faltering businesses. The consulting psychologist examines the leadership of a company that isn't living up to its potential before a fiscal meltdown. His company often looks at divisions of larger companies concerned with lackadaisical performance, but sometimes owners put themselves under the microscope. [URL=http://www.aocpowerleveling-gold.com]aoc power leveling[/URL],"Readiness of the executive group to look at itself and the individuals' willingness to look at their contributions is a pretty good indicator of success," Spanberger said. Success, though, often hinges on replacing the top executives to provide fresh vision. Charles Steinbrueck was brought into stop Grease Monkey Holding Corp.'s leaking market share in the [URL=http://www.eing.com]WoW Gold[/URL],quick lube and oil change business. His first job as president and CEO was to restore confidence in the company to stop an exodus of valuable talent.
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