The Entrepreneurship – Bankruptcy Intersection

Posted on November 11, 2016. Filed under: Uncategorized |

Good post on small businesses and bankruptcy

Kentucky Bankruptcy Law

Entrepreneurs who launch their own small business are brave souls. I applaud them and share in their story. Launching into the practice of law with nothing rather than working for a salary or wages was risky. The common observation is that a substantial percentage of small businesses do not survive past the three year mark. Of those that do go beyond that milestone, some thrive and some limp along. The debt that usually accompanies a business start-up and the extent to which creditors will work with these business owners can determines these outcomes. In a sense, when a small business goes into debt, they become partners with the lender and that partner can make or break it. This is where entrepreneurship and bankruptcy intersect.

The typical scenario for entrepreneurs is that they are “all in” to birth their endeavor. They become personally obligated on the debts and usually collateralize their home and…

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