Posted By: Sean Brown
Bankruptcy is not always a bad thing. In terms of a society bankruptcy needs to happen, businesses need to fail otherwise there will be a surplus of businesses in the same field. Bankruptcy allows for a peaceful well deserved bow out for a person who gave it their all but fell short. Bankruptcy allows for an owner to start over, yes it is a long road back, because you still do have to pay back your creditors and prove that you can be a productive member of the businesss society, but remember bankruptcy for an individual differs from that of a company. There is a reason for seperateing your invidual wealth from a company.
The top financial people such as a Donald Trump survive Bankruptcy after Bankruptcy because they follow that simple rule, which is to seperate personal income from business income. That way when you file Chapter 11 like Mr. Trump just did his personal finances will be safe as well as the other entities of his company.
All I am saying is, make sure you understand how bankruptcy works and if it will benefit you in the long run, because if you structure your finances appropriatly than you will be able to avoid the horrible outcomes that are associated with bankruptcy.
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