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Close to Bankruptcy

Being close to bankruptcy can be one of the most stressful experiences in life. Every day, whether itís bankruptcy in your business or in your private life, is an ominous foretaste of the financial disaster to come. Every waking moment can be taken up with wondering if financial ruin and the loss of your investments can be avoided and how, if there is a way, bankruptcy can be avoided.

Financial danger is often evident, as in the obvious failure of being able to pay bills. Sometimes itís insidious and not easily seen. Whether the possibility of bankruptcy hits suddenly or creeps up behind the scenes, the stress that comes as a result is very real. The struggle with the anxiety that financial ruin brings can lead to both mental health illness as well as physical health issues.

How can you tell if youíre approaching insolvency? There are ways to know.

In your business, the risk of insolvency can be recognized by several signs. These include cash flow problems, debt that is being defaulted on, late payments to creditors, increasing pressure from outside sources such as competitorsí pricing and supplier reliability problems, too much reliance on credit, and increased expenditures above the budgeted amounts.

A changing business climate can create more signs of insolvency and the likelihood of bankruptcy. Increased competition, a failure to sell products with large inventories, labor problems, and hostile governmental rules and regulations can all increase the burden made on an increasingly thin financial foundation.

Personal bankruptcy has its own signs of impending insolvency. Signs of impending bankruptcy are evident when your ability to pay anything above minimum payments on credit cards and loans becomes impossible, mortgages and other personal loans are in default, interest rates are raised by nervous creditors in an effort to force your repayment of money extended on credit, and regular household bills are going unpaid. When the cash flow is shrinking and the debt is on the rise, a dangerous situation is developing.

Be honest in your appraisal of approaching bankruptcy. If you are close to bankruptcy, its time for hard analysis and factual reporting, not resorting to increased indebtedness to delay the inevitable or slight of hand bookkeeping tricks that can land you in jail. Using the legal protection afforded in bankruptcy to manage unpaid debt can be the best way out of an impossible situation and onto the road to recovery. If you are considering bankruptcy you should first obtain a professional advice at www.bankruptcyoptions.com.au.

Irresponsible spending and borrowing isnít the only cause of accumulated debt that canít be repaid. Debt can also be the result of factors that are far beyond your control, both in the business world and your personal life. Bankruptcy has its place and is an option you always have.


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