"Just a minute... just a minute. Now, hold on, Mr. Potter," said George Bailey.
Stamford, CT (PRWEB) January 20, 2014
The Fact Page is a blog launched on January 16, 2014 to bring public awareness to issues and inequities affecting the prosperity of individuals and businesses. “Facts do not cease to exist because they are ignored.” ― Aldous Huxley, Complete Essays 2, 1926-29. The initial entry of The Fact Page is entitled It’s A Wonderful Life: Waiting for Clarence or At Least Due Process.
Thinking of starting a business? Every entrepreneur opens their business with the expectation of it being a success. Not many fully consider what the consequences will be if the business doesn’t succeed.
In any new venture, there is uncertainty and risk. There would be no upside potential without the downside risk. It is not surprising that many new ventures fail despite the best efforts of the business owner or manager. When the business does fail, what options are available to the business owner or manager?
When a business fails, the owner or manager has a choice of filing Chapter 7 or Chapter 11 bankruptcy. According to Wikipedia, “Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy.”
What can the business owner or manager expect in the bankruptcy process? Go to http://www.thefactpage.com for a real life account of a business bankruptcy in the State of Connecticut.
About The Fact Page: Written by Pamela Wallace, the author formerly was an entrepreneur, general manager and marketer. http://www.thefactpage.com