Bankruptcy can come with a lot of misconceptions. When it comes to bankruptcy it is easier to talk about what it is not. It is not the company going out of business or management being tossed out. In the latest episode of The Advisor Podcast brought to you by JGS, CPA, Mary Ephraim an attorney from Stenger, Roberts, Davis & Diamond, LLP SRDD Law spoke with us to dis-spell the myths surrounding bankruptcy. Mary also discussed how to navigate the process especially now during the COVID-19 Crisis. Mary explained that the goals of the bankruptcy process is to keep a company alive. The process is a way to “put the brakes on things” Mary explained. She said it allows you to collect all of your property and money then pay people off in a certain order to make the most of what your have. Then you can hopefully emerge from the bankruptcy process leaner and more efficient. Mary also covered the new laws and programs in New York State that are helpful for more small businesses in regards to bankruptcy and how the government has streamlined the process. Mary mentioned too that you will want to have your creditors on your side especially the ones you will need to continue your business. Mary gave us a lot of insight in to the bankruptcy process and emphasizes the importance of hiring a professional.
To find out more about Mary Ephraim from Stenger, Roberts, Davis and Diamond SRDD Law please visit their website. https://srddlaw.com/
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