Filing for bankruptcy for your business should not be controversial. You make many financial decisions every day, using the tools that have been provided for you. Bankruptcy is one such tool, and you can use it if it will help your company in the future. Businesses often use bankruptcy to restructure and overcome debt issues that are holding them back, leading to greater success moving forward.
Unfortunately, due to stigmas and stereotypes, it often feels controversial. You may worry about what friends and family will think or be hesitant to do something that feels like an admission of failure. You may have concerns about your reputation.
Keep your focus on the end goal
These feelings are natural and common, but that doesn’t mean they’re accurate. Bankruptcy is not a failure. It can be a step toward success. What others think of your decisions should not have any bearing on whether or not you make the best choices for your company. Only you can make those decisions.
To help break this mindset, focus on the end goal. Others’ perceptions do not matter. All that matters is whether or not bankruptcy will improve the company’s future. Think about how the business can flourish when you’re not held back by debt and how you can create a five-year plan and accomplish your goals.
Getting the process started
Once you’ve determined that bankruptcy is the right path for you, then learn about how to get the process started. It doesn’t have to be intimidating and it can be the first positive step toward reaching your end goals.