When you are having severe money problems, you may think filing for bankruptcy is the best solution. However, this can negatively impact your credit score for many years.
Commercial bankruptcy – or Chapter 7 and Chapter 11, as it is often identified – is something that business owners or management personnel may consider if the business falls upon hard times.
Declaring bankruptcy is a major decision for any individual. While it does have an impact on your financial path, it is also an opportunity to start fresh. If you are considering bankruptcy as a means of resolving financial issues, then it can be helpful to get all of the information you can, before making the decision to file for bankruptcy. You should also contact a bankruptcy lawyer as soon as possible, as there are time limits and penalties that will impact your case.
