bankruptcy??

@sheramel (228)
Philippines
April 9, 2007 4:53am CST
we have bussines it was money lending..now were in difficulties about this it`s getting down..we dont know how to keep it..what we do now???we only depend on this business..
1 response
@smacksman (6053)
9 Apr 07
If your problem is liquidity then you could factor your invoices. This is the way it works. You have several people who owe you money and are not paying or are not due to pay for 30/60/90 days, whatever. You go to a factoring company and they take over the invoices. They pay you, say, 80% of the invoice now and 10% of the invoice when they collect the full payment. They keep 10% for their work. The percentages will vary. I have just used them as an example/