As an entrepreneur and business owner, there will always be some level of risk attached to what you’re doing. Unfortunately, the financial risks entrepreneurs sometimes take can blow up without warning and leave messy situations in their wake; bankruptcy is one possible solution here.
Featured image by Arek Socha via Pixabay
Filing for bankruptcy is a serious decision, but in some cases, it can offer entrepreneurs a fresh start. It can give them the opportunity to reorganize their finances.
Here are a few signs that indicate it might be time to seriously consider this option.
Unsustainable Debt Levels
One of the clearest signs that bankruptcymay be necessary is if an entrepreneur’s business has accumulated an unsustainable level of debt. If you find yourself constantly borrowing money to stay afloat, it might be an indication that your business model is no longer viable. When your debt obligations outweigh your revenue, and you’re unable to make progress on paying down what …