1. Thinking you know everything and not listening to your team of professionals.
2 . Having the wrong team represent you, make sure your team is tried and tested professionals your comfortable with.
3. Filing the paperwork incomplete, wrong or not by any of due dates. Make sure you get the documentation right.
4. Not keeping your cool, it’s a frustrating and hard process. Sometimes creditors will do things so you loose your cool, You need to keep it.
5. Not taking advantage of all of the opportunities Bankruptcy has to offer.
6. Not being involved, its your life you need to live it
7. You need to have a sound chapter 11 exit strategy. Not having a good plan or way to reorganize your business is a killer.
8. Giving up
9. Not being flexible enough to negotiate a deal. In the end no one will get everything they want.
10. Making deals, getting your plan confirmed and exiting Bankruptcy not strong. You want to make sure you’re not an indentured servant after Bankruptcy.