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Thursday, April 14, 2005
You Can't Even Go OUT of Business These Days

If you were thinking about filing for bankruptcy to clear your debts, you might think twice -- or act twice as quickly, since the new Bancruptcy law goes into effect six months after the bill is signed into law. Under current law, the majority of consumers who file for bankruptcy do so either under Chapter 7 or under Chapter 13. In a Chapter 7 bankruptcy, your assets (minus those exempted by your state) are liquidated and given to creditors, and many of your remaining debts are cancelled, giving you what's known as a "fresh start." In a Chapter 13 debt is reorganized by establishig a creditors committe and paying creditors while the company continues to operate. Better than either of these options would be to start building some attraction into your business. Check it out at The Rules of Attraction.


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