It isn’t something that the majority of micro biz owners ever want to consider, but bankruptcy is a very possible unwanted outcome for many small or micro businesses.
The worry for many small businesses is that they won’t have enough money to purchase the supplies they require to run their day-to-day business affairs and therefore their ability to make more money is comprised.
Lack of cash or mounting debts are leading causes of insolvencies but – as the infographic below demonstrates – going bankrupt doesn’t necessarily have to be something that holds you back or becomes a stigma. Billionaire Donald Trump, one of the most highly regarded entrepreneurs ever, has been declared bankrupt multiple times, as recently as 2004.
Check out the infographic to find out more about the types of bankruptcies there are and which debts can or cannot be erased.
Source: The State of Bankruptcy