Any individual or business facing a difficult financial situation will always consider their options. One of the ways they hope to wriggle out of a tight scenario is by filing for bankruptcy. This move allows the debtor to legally declare itself bankrupt, buy some time, and come up with a written plan to remediate the debts. Bankruptcy can be beneficial for those on the verge of ruin, but what...
Bankruptcy is a scary word. Getting dragged into such a scenario can be a terrifying experience. It means that you or your company has gone under and can no longer pay bills or honor debts. While bankruptcy is often thought of as something you have to do when too many problems overwhelm your business, it can also be a stepping stone for growth. There are many success stories of people who've...
Ever heard of the movie "The Wolf of Wall Street"? It's about a crazy stockbroker who was indicted for fraud and then went bankrupt. In case you didn't know, bankruptcy is when someone or a company can no longer pay debts. As a result, they will have to file papers with the court saying that they don't owe anything or pay less than what is owed on debt repayments. A business’s bankruptcy is...
It’s never something you want to happen to you, but bankruptcy does happen. Maybe you’re already there, or maybe just might be heading in that direction. But don’t let it get to you, because unlike in the game of Monopoly, bankruptcy is not the end of the world. In fact, it is a legal proceeding that allows individuals or businesses freedom from their debts and giving creditors an...
