Many Arkansas business owners are familiar with the ups and downs that come with operating a successful venture. It seems as though the good times are never as long-lasting or as influential than the bad times, but dedicated business owners continue to stay the course, through good times and bad. For many, seeking a business bankruptcy is the most effective and efficient way to emerge from debt. Often, a personal bankruptcy will follow. Both of these options allow for a chance of renewal and recovery.
Business owners are often concerned with their ability to continue operating throughout the bankruptcy process. This can be a challenge, especially when clients, consumers and vendors are aware of the filing. That said, it is always possible to find a solution to any problems that may arise, and savvy business owners will educate others on the fact that bankruptcy does not mean shutting the doors for most who file.
Dealing with vendors can be particularly difficult. After all, these are business owners who also want to get paid and be successful. Be prepared to be asked to agree to altered terms on existing vendor accounts. These can include increased deposit amounts or prepayment requirements. These requests should never be taken personally, and should be honored when at all possible.
Arkansas business owners should never think of bankruptcy as a mark of failure. This is true regardless of whether the filing is for the business or one’s personal finances. In either case, bankruptcy offers a means of restructuring and renewal, both of which can make the future a brighter prospect indeed.
Source: The Huffington Post, “Life After Bankruptcy: When and How Your Business Can Get Its Financial Groove Back“, Jared Hecht, Sept. 2, 2015