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Don't let personal bankruptcy derail your business

Many business owners go through periods of financial distress, and most are concerned with how the state of their personal finances could affect their business. For some in Arkansas, personal bankruptcy offers a path out of debt and back toward stability. It is important that business owners take precautions to keep their personal finances from influencing the success of their business ventures.

One of the best ways to create a division between one's personal and business matters is to avoid discussing bankruptcy details with anyone who is involved or associated with the business. This is not to say that business owners should deny the fact that they are in bankruptcy; it simply means that individuals should take the time to create a short statement on the matter. Having this statement ready can provide a way to acknowledge the bankruptcy and quickly move on to other topics.

The best bankruptcy statements are short and simple. Confirm that a personal financial issue has arisen, and quickly follow up by stating that your attorney is handling the bankruptcy process. It can be helpful to add that the matter will have no impact on the way that the business is run. Close the statement with a positive comment about the future, and that the bankruptcy process is expected to make it easier to move forward with both personal and business goals.

Having a succinct and direct statement available can make it far easier for Arkansas business owners to address concerns from partners, clients customers and others who are connected to the business. In most cases, those who are interested enough to inquire about a personal bankruptcy are only concerned with how that process might affect the business. Once they are assured that things are under control and that the process will have a positive outcome, the focus can be turned back toward business matters, which is a relief for all involved.

Source: Entrepreneur, "5 Tips for Dealing With a Personal Crisis or Health Issue While Running a Business", Michelle Goodman, Aug. 11, 2015

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