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How to Stay Out of Bankruptcy

How to Stay Out of Bankruptcy
"""Many wish to utilize bankruptcy law to prevent paying off their debts. What does it accomplish in the long term other than a negative reputation? People with a history of such conduct may find it difficult or impossible to obtain loans and other financial services from banks. Intelligent businesspeople utilize bankruptcy because it allows them to move money into untouchable accounts. That is not the proper course of action.

Some billionaires have risen to prominence by evading payment to contractors and others who have supplied them with products, such as vehicles or buildings. They moved their money into trust accounts or established offshore accounts from which it was gradually emptied. Some also give money to their spouse or companion while their business is operational.

The problem is that they have left others destitute and then refused to pay them. Typically, these are contractors and their subcontractors, which are typically small family-owned businesses that cannot sustain significant losses.

Money is an invention for power, and some people believe that the world owes them something, so they do not care who they harm in their pursuit of the most wealth. So how does the small business owner avoid bankruptcy?

In the past, when a change in Australia's economic stability resulted in an unavoidable economic downturn, I was confronted with this problem. It was exacerbated by the dissolution of my marriage and the dependence of my three teenagers. It was a dire situation, as I owed money to numerous parties that could not be repaid.

Getting through it was the initial step. Having a job that took me out of state and allowed me to avoid debt collectors and others allowed me to repay my debts over the course of several months. Because I delivered on my promises, no one pursued me. Probably the greatest lesson one can learn from being truthful.

My father instilled in me the belief that """"if you never utter a lie, you will never get in trouble."""" To me, declaring bankruptcy when one could and ought to repay creditors is a deception. People with whom my business conducted transactions were trustworthy, diligent, and accountable. Who has the authority to deny them their deserved rewards?

Before declaring bankruptcy, one should consider the repercussions. If everyone ceases paying their bills, the financial system will collapse. While money is an invention, it is the foundation of the global order. If it collapses, so does our entire civilization. Therefore, choose an alternative to bankruptcy and repay debts, even if it takes months.""

" - https://www.affordablecebu.com/
 

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"How to Stay Out of Bankruptcy" was written by Mary under the Finance / Wealth category. It has been read 112 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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