Is Chapter 11 Bankruptcy a bad thing? No.
It is the most powerful tool in the free world for an entrepreneur to rebuild a business and get back on track. The greatest gift all of us can receive is to “Continue…” To be able to get back on the horse and back in the race. Does it cost money, sure? But not as much money as losing your livelihood. Your business will take care of you, but you must protect it first so that both of you can do your job…
Second Chances
Patrick Rettig, CEO of The Rettig Corporation, is saving small corporations from bankruptcy and has been for the more than 25 years. We’ve saved thousands of jobs and provided added income to entire communities. Meet America’s Top Turnaround man. Don’t take a second chance for granted. Find out how Patrick can help your business survive.
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Is your business in trouble?
The RETTIG CORP specializes in reorganizing struggling companies by immediately implementing proven business strategies to achieve critical profit, stability, and sustainable growth.
We only recommend bankruptcy when it is the ONLY solution.
Business turnaround expert Patrick Rettig and the turnaround team constantly work on insolvency solutions, saving American workplaces.
Bankruptcy is never an option; it is an urgent need for protecting one’s family and business. It can only be utilized correctly for that specific purpose. Debt forgiveness is not available unless you are in or qualify for a Chapter 11 or Sub-Chapter V bankruptcy.
Contact me to learn about your choices before filing for corporate bankruptcy. I can help you discover all of your bankruptcy and non-bankruptcy options to help you avoid closing, losing workers, or getting into legal problems.
Updated 07/23/24, originally published 06/30/17
Why business owners fear the word — and why they shouldn’t
When someone first calls me, they’re usually not afraid of Chapter 11 itself. They’re afraid of what they think it means about them. I get it. You built this company. But fear is a terrible advisor. In my experience, the owners who wait the longest — hoping the problem quietly disappears — are the ones who end up with the fewest options. Chapter 11 isn’t an admission of defeat. It’s a decision to stop the bleeding and take control before someone else does it for you.
What Chapter 11 actually does
Chapter 11 lets a business keep operating while it reorganizes its debts under court protection. You stay in control of day-to-day operations, your creditors are held at bay under an automatic stay, and you get the breathing room to build a plan that works. Unlike liquidation, the goal isn’t to shut you down — it’s to keep you alive. For many of the companies I work with, that means renegotiating unsustainable contracts, restructuring debt into something payable, and giving the business a real runway to become profitable again.
When it’s the right tool — and when it isn’t
I don’t recommend bankruptcy lightly. To me it’s never an “option” you reach for casually; it’s an urgent need you use when it’s genuinely the best path to protect your family and your business. Sometimes we can turn a company around without ever filing — through operational changes, better cash flow management, and hard conversations with lenders. But when debt forgiveness is truly what you need, understand this: outside of Chapter 11 or a Sub-Chapter V filing, that forgiveness usually isn’t available.
How I help you decide
When we work together, I lay out both roads and build a tailored plan around your real numbers. Whether we pursue a filing or fix things operationally, my job is the same one I describe in our business turnaround services. If you’re not sure the numbers even call for bankruptcy yet, read why so many CEOs fail before they ask for help and how to avoid the reorganization bamboozlers who prey on desperate owners. And if you want proof this works, meet the business reorganization experts who do it every day. Call me at (760) 662-9668 — it is okay to ask for help.
