Ohio consumers who are burdened with unmanageable debt may be exploring remedies to relieve the stress of creditor harassment and other actions. Knowledge is power, and consulting with an experienced bankruptcy attorney may provide the information necessary to make informed decisions. A lawyer may also dispel some of the myths about bankruptcy.
Small business owners in Ohio who are experiencing overwhelming debt may be surprised to learn the extent of the protection that can be obtained by filing for bankruptcy. Bankruptcy often provides a business owner with the opportunity to overcome excessive business debt. An attorney can explain the protections afforded under the federal Bankruptcy Code.
When a small business owner in Ohio faces financial difficulties, options under the U.S. Bankruptcy Code may be considered. However, it is important to gain knowledge about the various small business bankruptcy options. Without the necessary information, a business owner may falter in making important decisions about the future of his or her business.
If your business is in the red, you may think like there is no way out. Declaring bankruptcy may feel like giving up. Many Ohio business owners do not realize that filing for bankruptcy could actually help you turn things around.
Small business owners in Hamilton County could be at risk of a national trend involving business loans. Unless you own a business with a strong, consistent cash flow and years of financial statements to offer to lenders, getting a business loan from a bank can be a daunting experience that frequently ends with a rejection.
The decision to file for bankruptcy is a difficult one, particularly for small business owners. When a business owner does make the decision to declare bankruptcy, the owner must then choose the type of bankruptcy to file. There are a few different types of bankruptcy for businesses, and each type has pros and cons.
Some people associate business bankruptcy with failure, but this is far from the truth. Donald Trump's net worth has been reported as somewhere between $4.1 billion and $8.7 billion which is hardly a sign of a failure. Yet, Trump, who has never filed for personal bankruptcy, has seen four of his business ventures file for business bankruptcy.
It's no secret that small businesses often fail. No matter how great of an idea you had, if the community simply is not interested, it can become very difficult to keep the doors open. The end of a business does not have to be the end of you, however. There are options to get a fresh start. Businesses have four different bankruptcy options to settle their debts and move on.
Starting, building and running a business is a continuous act of courage. It takes courage to overcome self-doubt or the doubts of others about your idea. It takes courage to put your money on the line, or possibly even your property as collateral to secure start-up funding. It takes courage to keep going even if the profits do not start rolling in right away. It takes courage to keep from second-guessing the wisdom of your decision to become an entrepreneur.
Hamilton County is like other communities throughout Ohio that depend upon the success of small business owners to keep their economies strong. According to the U.S. Small Business Administration, small businesses are responsible for 54 percent of total sales in the U.S. and 55 percent of the jobs. Cash flow challenges and mounting debt can put a squeeze on the financial stability of even a well-managed company.