Good businesses don't have to die just because they've gone hopelessly, out-of-control in debt. There is a place they can turn for redemption: the bankruptcy laws.
This past April, Paul Ginsburg was anxious and scared as he negotiated with Sterling National Bank. The 47-year-old president of Manhattan clothier Moe Ginsburg Men's Better Clothing needed to secure financing quickly. The third generation of his family to run a retail clothing operation in New York City, Ginsburg was coming off his worst year ever. His business was declining significantly.
was this year's first-quarter percentage increase in personal bankruptcies in the United States.
SOURCE: The Orlando Sentinal
Continue reading this article -- and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!