When facing financial distress, many business owners delay the inevitability of bankruptcy, hoping to negotiate, consolidate, or outlast mounting debt. But in his latest Leadership Trust article for Phoenix Business Journal, Lamar Hawkins explains why waiting too long to consider bankruptcy may cost businesses far more than acting early.
When cash runs tight, many owners fall into survival mode – handling the most urgent bills first, borrowing what they can, and hoping for a turnaround. But these actions often dig the hole deeper instead of leading to recovery. Lamar draws on current data to show that bankruptcy, especially when considered early, can offer a cleaner path to long-term recovery.
Lamar is one of the leading voices in Arizona for bankruptcy law and serves as Chair of the Arizona Board of Legal Specialization’s Bankruptcy Law Advisory Commission. His practice focuses on all phases of debt workout and bankruptcy services, including Chapter 11 and Subchapter V 11 reorganization, Chapter 7 liquidation, financial workout negotiation, and creditors’ rights. He is recognized by Southwest Super Lawyers as well as Best Lawyers in America©.
Read the full article to explore how a proactive response can open the door to smarter, more sustainable recovery options.