When a business owner needs to seek personal bankruptcy protection, one of the chief concerns is how that decision might affect the business. While most consumer bankruptcy outcomes will greatly improve the lives of those who file, there are negative repercussions that can come when a business owner is placed under the stress of juggling multiple obligations. The following tips are given in the hopes of helping Maryland business owners maintain stability during the course of a personal bankruptcy case.
One of the most simple pieces of advice (and one of the hardest to follow) is to understand when help is needed and take steps to gain that support. Business owners often feel a great deal of responsibility for the success of their venture, and avoid reaching out for help due to a fear of appearing weak or incapable. This, however, is a flawed approach, as even the most successful of businesses rely on having access to a trusted advisor. Finding an independent professional who has no stake in the company to discuss business matters and weigh in on various options is a savvy business move, especially during a bankruptcy.
It is also important for business owners to acknowledge when they are overburdened, and to take the time necessary to make the best possible decisions. This may mean postponing an important decision or asking for an extension of a deadline. While no one wants to fall behind schedule or miss an important mark, it is far better to postpone than to risk making a poor decision or leaving a bad impression with an important business contact.
Consumer bankruptcy is a powerful tool that allows many Maryland business owners to get back on track with their personal finances. While the bankruptcy process is relatively short, there are a number of demands that will be placed on one’s time and attention during the process. Understanding when to seek business advice or postpone a decision can help business owners avoid costly mistakes. These tactics can also serve to reduce stress throughout the bankruptcy process, which is a valuable outcome in and of itself.
Source: Entrepreneur, “5 Tips for Dealing With a Personal Crisis or Health Issue While Running a Business”, Michelle Goodman, Aug. 11, 2015