Business Bankruptcy
vs.
Life After Bankruptcy
Business Bankruptcy – Have you ever felt so down when everything is crushing you, and finances are looming over your head? Many small businesses and even large businesses have been crushed in this economy to the point of filing bankruptcy.
Two Types of Business Bankruptcy : chapter 7 and chapter 13.
An individual may file for bankruptcy under Chapter 7,
which is a “fresh start” or a “liquidation” bankruptcy. Under Chapter 7
bankruptcy, an individual may keep certain kinds of “exempt” property,
and his or her remaining property will be sold to pay off his or her
debts. Chapter 7 bankruptcy allows most of his or her preexisting debts to disappear, or be discharged.
Business Bankruptcy – Chapter 7
Most individual bankruptcies are chapter 7 of the
Bankruptcy Code. The process is relatively fast: cases are typically
opened and closed in four to six months. Legal Zoom offers affordable
flat-fee pricing for chapter 7 bankruptcy filings.
Business Bankruptcy – Chapter 13
Bankruptcy filing of Chapter 13 is different filing
bankruptcy under Chapter 7, in that this “wage earner plan” allows an
individual to pay his or her debts over an extended period using a
court-approved, supervised, and enforced payment plan.
Not all his or her creditors are paid in full, and unpaid amounts normally are discharged. The
Chapter 13 bankruptcy filers create a three to five year repayment plan
to pay personal debt from their remaining incomes after necessary
expenses, like food and shelter, have been paid. Often they are allowed to keep their property.
The Chapter 7 or Chapter 13 bankruptcy plan is based or determined on his or her income, living expenses, and debts.
Business Bankruptcy Effects –
The decision to declare bankruptcy can be very
difficult for a man or woman who is very proud of their work, integrity,
and personal ethical standards. The devastation financially, as well as personal confidence can be brought to an all time low.
Embarrassment, feelings of failure, stress, the
feelings of paralysis and depression symptoms can hit you hard if your
hopes and dreams have been dashed by bankruptcy.
The thing to remember is that the sun does come up tomorrow. You made the best decisions you could during your business venture, especially if it was your first business experience.
It is not over; it is actually a chance to have a
new beginning to learn from your experiences; you are given a second
chance through the experience of bankruptcy.
Second chances are what the American dream
is about – being down, and having the fortitude, courage and hope for a
new tomorrow in your life by making new decisions today.
Don’t look at what you don’t have. Remember that every day is a new day. And each day will bring new beginnings.
Many small business owners may not have had a direction or plan when they started out.
Business Bankruptcy Recovery –
There are five steps to building wealth after business bankruptcy:
- Control Spending
- Live within a Budget
- Start a Savings Plan
- Rebuild Your Credit
- Create Your Future Plans
Business Bankruptcy to Life After Bankruptcy – Fresh Start
Business Bankruptcy vs Life after Bankruptcy – Fresh Start
(NOTE: Sometimes these links disappear when you hover your cursor over the link, but if you click anyways, you will be directed to the intended link, so go ahead and click to discover more--even though the link suddenly 'disappears'!)
If you are looking to start a small business again,
in addition to your own personal experience, it would be wise to learn
how to begin to build a business from those who have been in the
trenches like yourself, struggled, and discovered a business success formula that you can model.
Over 130,000 individuals have found business
guidance to an online business world from internet marketing experts for
their small business.
Many of the current successful leaders (intriguing audio worth listening to!) actually were going into bankruptcy until they found the business model mentioned below. They needed $25 to start. (Cheaper than a franchise; the price of dinner for two).
Alternatives to Bankruptcy
- Adjust your spending – Remove luxuries and unnecessary expenses. Cut back, and decide what you can repurchase later, or eliminate completely.
- Obtain adequate insurance
- Establish a debt repayment program with a management firm, or counselors.
- Consider a different and an affordable business system which can create better leverage to your current business system.
- Cut through all the thousands of websites with conflicting information and get straight to a business blueprint to rebuilding a business recovery plan for yourself below.
Business Bankruptcy and Business Recovery Plan
Here's a Recovery Plan -
Small Business Information – Costa Rica (See chart below) ...
The lessons taught in these videos are designed to improve anyone’s business, regardless of what they are selling.
Additional small business information is the
Master’s Course; the purpose of the Master’s Course is to show you how
to go from “Zero to Hero” in your online business.
As with the Costa Rica Intensive, and the $15K Formula (Marketing Strategies), once you buy the Masters Course, you will have access to it for life, and will automatically receive any bonus videos that they add to it in the future. Starting a Small Business - Life after Bankruptcy: (Here's How)
Starting a Small business – Life After Bankruptcy
- You can go faster forwards than if you were going backwards.
- Are you looking in front of you, and running forward with your business?
- Make a decision, move forward, and get on with your life!
- Recover your life after bankruptcy with wisdom and experience; prepare more diligently when you do start an online business so your shop, small business, or mercantile will be successful.
- Click the link below to find out how to use internet marketing techniques and leverage the internet 24/7…
- Get visitors to your store today!
- You have Greatness within you... believe in yourself!!!
- Step 1: Click on the Link.
- Step 2: Fill in your name and best email in the form.
- Step 3: Click on Submit.
If you enjoyed this Blog Post on the “Business Bankruptcy vs. Life After Bankruptcy” please Google+, Pin, Tweet and share it with others!
~Doris
Interested in learning about business,
business development, making an income, growing communication and
leadership skills, enhancing personal development, and keeping your
options open before claiming bankruptcy, as well as after business bankruptcy.
