SaveTweetOne of the main motivations behind the bankruptcy code is to encourage entrepreneurs to start new ventures. Incurring debt is almost unavoidable, which is why there's a way out offered if a business venture goes south--otherwise, starting a business would be too risky.
There's often a period of debt for most businesses, but usually the expectation is that eventually the incoming cash flow will balance out and start turning a profit. So, what happens when this doesn't happen quickly enough, or at all?
Find out what your options are if your business debt becomes too much for your operations to sustain, personal bankruptcy and business debt, debt prioritization, and filing for bankruptcy.
Debtors “Engaged in Business”?.
The Bankruptcy Code requires more of debtors filing Chapter 7 who have been engaged in business, than it does of those whose income is from employment. If you are... more
It is quite common for those who have taken the plunge and opened their own business to end up in bankruptcy. In fact, if you think about it, without bankruptcy laws, how many entrepreneurs would be... more
The decision to file for bankruptcy is never an easy one. Your home, business, and relationships can all be impacted by bankruptcy. Your home may be forfeited in the liquidation. Your business may be... more