Business owners often want to ensure their organization is successful in creating value and bringing in profits. However, there may be some cases where a business does not achieve those goals for an extended period, which can push it into bankruptcy.
There are a number of myths surrounding bankruptcy and how it is completed. One of the biggest myths is based on who can qualify for bankruptcy, whether that is Chapter 7 or Chapter 13. Because there are misunderstandings, people who legitimately need help through a bankruptcy filing may not get what they actually require. Instead they are left struggling, thinking that there is nothing they can do to better their situation. In many cases, that simply is not true.
If you are struggling with debt in the Rochester area, you may have questions about your debt relief options, including Chapter 7 and Chapter 13 bankruptcy. Filing for bankruptcy is a big step that should not be taken lightly. Here are four of the most common questions people ask when considering taking this step.