Opening A New Business Is One Of The Most Exciting Times Of Anyone 's Life

776 Words Dec 8th, 2015 4 Pages
Opening a new business is one of the most exciting times of anyone’s life. The initial stages are full of questions you’re excited to answer and decisions you can’t wait to make. For some, this excitement continues as the business grows and the opportunity to succeed becomes more solid with every new day. For others, the questions get more difficult and those decisions they used to wake up in the morning so excited to make start to get postponed and pushed off because the choices all seem horrible. For a few, the biggest questions and the decisions with the most lasting effect on both their professional and personal life come when they are attempting to figure out how to get out from underneath all the company debt that is left when the decisions all seem to point to closing the doors of their business for good.

If you’ve been in business for a number of years, but you find that the profits you make never came near what was projected, it is likely that you not only need to close the business, but you’ll need to deal with business debt at the same time. Many attempt to alleviate the weight of the debt by selling company owned equipment and using the proceeds to pay down their balances. If doing so doesn’t alleviate the debt, business owners will have a new decision to make: should they file for bankruptcy or try to cover the deficit with personal funds?

When attempting to decide whether or not to file for bankruptcy, the answer is almost always the same. Only file for…

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