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sutton
Apprentice
Joined: 01 Dec 2006
Posts: 3
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 Posted: 11/15/07 - 11:51 Post subject: |
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| What are conceptions of bankruptcy? It is not a situation that my small business is advised to enter just like that. I wonder if there are alternatives to bankruptcy that may bring better results. As far as I know it affects my credit records and that is why I still hesitate to use that key as a solution for my business. I figured out that I have to talk to bankruptcy lawyer first. |
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alvie
Apprentice
Joined: 18 Jan 2007
Posts: 8
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| Posted: 12/15/07 - 04:50 Post subject: |
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| I must say that filing for bankruptcy will not qualify for your future credit record, it may appear for another 10 years but it’s not permanent. The only requirement for bankruptcy is the proof that your business is not able to pay off bills as they come due. There are five different types of bankruptcy proceedings and it is a very complex law that provides protection to debtors and fair treatment to creditors and can be helpful for resolving a financial crisis. Due to its complexity i strongly recommend you to consult a bankruptcy lawyer. |
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