Chapter 11 Bankruptcy Lawyers Partner With Turnaround Consulting Firm - Texas
The Revenue Turnaround Group, a business turnaround consulting firm in Dallas, Texas, is partnering with Chapter 11 Bankruptcy Lawyers to help small businesses avoid liquidation.
Online, March 18, 2011 (Newswire.com) - Small businesses that are under Chapter 11 bankruptcy protection now have a better chance of recovering. The Revenue Turnaround Group, a business turnaround consulting firm, is partnering with business bankruptcy lawyers to better help business owners in restructuring their businesses.
Chapter 11 of the Bankruptcy Code, as opposed to a Chapter 7 bankruptcy in which business operations totally cease, allows businesses to restructure and remain in possession of the business, subject to oversight by a trustee appointed by the court. This is supposed to give the business time to restructure and recover.
However, statistics show that 90% of small businesses that file for Chapter 11 bankruptcy protection are eventually forced out of business within 18 months, says Dennis Zedrick, Chief Executive Officer of the Revenue Turnaround Group. "This is because nothing was done to address the underlying problems that caused the business to go into bankruptcy to begin with. Filing the business bankruptcy only delayed the creditors for a short while. The judge gives them 12-24 months to recover, and if they don't, they are forced to liquidate," Zedrick adds.
Addressing these underlying problems is the main thrust of business bankruptcy consulting. Business bankruptcy lawyers and turnaround consulting firms have something in common, and that is the best interest of their clients, which are usually small businesses. Chapter 11 bankruptcy lawyers know the intricacies of business bankruptcy laws, whereas The Revenue Turnaround Consulting Group has the expertise to analyze the business and propose strategies for a successful turnaround. This partnership is thus a strategic merger of expertise that is highly beneficial to clients, and is a win-win solution for both business bankruptcy lawyers and The Revenue Turnaround Group.
Businesses interested in learning more about the Chapter 11 bankruptcy consulting or business turnaround consulting services that the Revenue Turnaround Group offers should contact them at: http://revenueturnaround.com/liability-turnaround-programs or call (214) 347-4239.
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