Small business debt? Consider filing for bankruptcy, cutting deals

Claud Mccoid

Q: From looking at your columns, I see that you utilized to be a bankruptcy legal professional. For a variety of reasons, my organization has gathered a ton of financial debt. But the issue is, I really do not want to file bankruptcy. Any other suggestions?

A: Far too a lot personal debt can surely make existence and company incredibly hard. But you will discover I reported, “too significantly credit card debt.” I say that due to the fact 1 thing I also know is that not all debt is negative personal debt. If you took on some debt to fund a worthwhile enlargement, for instance, that is very good financial debt. If, on the other hand, that expansion went south and you billed a week-prolonged trip to Hawaii, that, needless to say, is negative financial debt.

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