You need to document your business rationale for each person's lay off. You will lose your house and your individual financial resources to pay back the bank. You should talk to each board member individually either face-to-face or over the phone. You have already let some people go because you did not have the liquid assets to pay for them anymore. You must think of it more as kitchen table budgeting.It's similar to the budgeting that you do in your individual life, where you and your husband or wife review your checkbook and make sure this month's costs don't exceed your current financial institution balance. This lesson will tell you how to prepare for the meeting and what your banker will anticipate from you. This includes the fired jobholder, her or his family, the termination supervisor and the personnel left behind. You must invite your controller, your payroll individual, your payables person, your accounts receivable person and your top sales supervisor to this meeting. US Public Interest Research Group in 2002 conducted a study.

You must look forward and figure out how you can turnaround your enterprise. This is when a worker has more than one boss. To do this you should be prepared to take some immediate and drastic actions for the existence of your business. This will keep you safe through the next industry downturn. This means the adjudicator will pay any creditor that lends you money post-filing before any pre-petitioning lender. To know the vendor's or land lord position, find out as much information as you can about their business.