What to Do when Your Business Goes Under

Thanks to a Sacramento bankruptcy lawyer I found through online research, I was able to gracefully exit from a failed business that threatened to not only personally ruin my reputation, but also would have left myself and my family homeless without even a vehicle to sleep in. For the first four years my business was very successful. It was a consultancy business and I made a bundle advising various concerns about their financial investments. Flash forward to about a year ago and the local economy tightened up. No one needed my services anymore and I felt the hit on my bottom line immediately.

I went through the usual cost cutting measures, such as laying off the few employees I had and moving my business out of the office and into my home, but the numbers weren’t adding up. One thing is for certain: the mortgage doesn’t care if your business in in the dumper. Also causing issues was paying my daughter’s tuition at college. (more…)