As decisions change daily on reopening the economy across the country and here in Alabama, businesses need to be adept on their next moves. Some states have started the process of reopening; others are waiting. Alabama is taking a staged approach. The future is uncertain and unknown. Many people and business are facing economic struggles. Unfortunately, they have time on their hands and limited ability to be proactive to address their financial situations. Now is the time to develop your strategy. Do you have questions on how to address your situation? Is bankruptcy an option? Do you have other options? Loper Law LLC can help.
For an individual it may be best to sit back and see how this plays out. Credit card companies are offering reduced rates, skipped payments, and other concessions to help. Mortgage companies are offering temporary relief options as well. The federal unemployment boost will last until July. Unless you are facing imminent foreclosure, waiting may not necessarily be a bad thing.
If you are a small business, time may not be on your side. There are many proactive approaches that can be taken to mitigate losses, preserve capital, and position you and your company to weather this storm. Sticking your head in the sand is not prudent. A thorough evaluation of your financial position, current contracts, and staffing will provide the necessary information to develop a strategy for the future.
Loper Law LLC is the ideal partner to have in moving forward. Tom’s experience in corporate and employment law, along with his MBA, make him an ideal resource. Coupled with his own small business experience and devotion to seeing Mobile thrive, he brings knowledge, passion, and insight into the relationship. Every business and each individual is different. Now is the time to plan your next step. Call us to see how we can help.
452 Government Street, Suite E
Mobile, Alabama 36602