Many successful business owners go through a period of personal financial strain. For some, filing personal bankruptcy is the most effective way to move beyond serious financial turmoil. When a business owner seeks bankruptcy protection, he or she is often worried that the decision will have a negative impact on the business. While this is an understandable concern, there are a number of things that California business owners can do to minimize the degree to which personal bankruptcy will affect one's business.
Many California readers are familiar with the reality television show "Kitchen Cousins." The HGTV hit features two contractors who are also cousins and follows their progress through multiple home renovation projects. The pair were recently sued over the work completed on one home, the result of which was a sizable judgment against them. As a result of this and other financial stressors, the cousins recently filed personal bankruptcy.
Living under a heavy debt load can be a difficult state of affairs. Unmanageable debt often leads to high levels of stress, contention among family members and a virtually chronic experience of uncertainty. For many in California, few lengths are too great when it comes to addressing this scenario. This can lead many to sign on for questionable debt relief programs, many of which are ultimately found to be little more than scams.
When financial strain has left an individual in dire need of debt relief, bankruptcy is often an option for consideration. That said, many California residents hold a number of misconceptions about personal bankruptcy, the most common of which is the idea that bankruptcy equates to some sort of personal failure. In reality, many successful individuals have sought bankruptcy protection over the years and have gone on to new levels of accomplishment.