small business

Small enterprise debt? Contemplate submitting for chapter, chopping offers

A chapter 11 or 13 bankruptcy calls for you to repay some of what you owe over time, but get to keep the doors open. Speak to your lawyer to see which may be best for you.

Q: From studying your columns, I see that you just was a chapter legal professional. For varied causes, my enterprise has accrued quite a lot of debt. However the factor is, I don’t wish to file chapter. Every other ideas?

A: An excessive amount of debt can positively make life and enterprise very troublesome. However you’ll discover I stated, “an excessive amount of debt.” I say that as a result of one factor I additionally know is that not all debt is dangerous debt. Should you took on some debt to fund a worthwhile enlargement, as an illustration, that’s good debt. If, however, that enlargement went south and also you charged a week-long journey to Hawaii, that, evidently, is dangerous debt.

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