Life happens. Today you might be running the business smoothly and later find yourself struggling with debts. When you cannot repay your debts, filing for bankruptcy becomes the only option. Although it’s a difficult decision, you have to face it. Undoubtedly, your credit will get affected for years but not forever. There is life after bankruptcy, and you can rebound.
- Go Back to The Drawing Board
Filing for bankruptcy gives you a chance to reevaluate your goals and mission. You get an opportunity to draw another financial plan. Ask yourself what made you bankrupt. Did you happen to have overestimated your potential? Did you spend time with spendthrifts? It’s crucial to identify these issues and habits that could have made you nosedive in crazy debts.
Pinpoint things that you think might have led you to bankruptcy. So, how do you get back on track?
- Have a Budget –