All of the Washington efforts to bail out the banking industry and to assist homeowners with keeping their homes miss one key point-the construction industry is a big part of our economy. Small builders (not the tract housing builders) employ thousands of people locally. Absent assistance for them, our economy will struggle far longer.
We are in a position to assist builders and offer the following pointers and services:
1. We can assist with bankruptcy filings that may eliminate and/or restructure debt so that the company can continue operating.
2. We can assist the owner with winding down a business that is not making it so that the owner is able to handle/resolve the personal guarantees while preserving the right to begin making a living again.
3. We can help LLCs and Corporations negotiate with lenders so that
a. the business keeps operating with modified loan terms; or
b. short sales or deeds in lieu of foreclosure that may limit your liability to the lender if you are unable to pay the debts.
4. You should consult with a tax expert before doing any of this because there may be tax consequences to workouts, and we can help you to minimize or avoid these.
