is bankrupcy sometimes a good choice?
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whittaker
Apprentice
Joined: 25 Sep 2005
Posts: 7
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 Posted: 12/10/07 - 05:11 Post subject: |
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| I have recently taken another credit for my business. I have been loosing money for quite some time and not several good credits could help me. Unfortunately, I have only few options left. I could either raise more credits, or declare bankruptcy. Even though it sounds terrible, I was wondering can going into it, and I would like to know whether it is a good choice for me. |
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nels
Apprentice
Joined: 30 Nov 2005
Posts: 20
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| Posted: 01/08/08 - 23:12 Post subject: |
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| One of the things that is most often neglected when it comes to bankruptcy is that it effectively can cut you off from your credits. It seems to me that it is something that can help you stop further going into the debts. It will ruin your credit score, but will allow you a fresh start. You can then start repaying your debts, sell your business and salvage the money you can from there. I think that if you are patient enough and plan well all your costs after that, you will very soon start earning again. Best of luck. |
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