The Indian Business Owner TIBO Magazine - Volume 001 | Page 26

Don’t Let A Failing Business Venture
Rob You Of Your Dream
As the American economy slowly but surely bounces
back from what was one of the worst financial times
for small business owners in the 240-year history of
the United States, many Americans are still feeling
the repercussions of a once struggling or failed
business. Be it an ill-advised business venture that
you undertook or just plain bad luck, the financial
decisions that were made during the recession that
began in 2008 are still having negative consequences
on many Americans today. A lot of those problems
are stemming from people that overextended
themselves by investing into a business venture.
In my bankruptcy practice, I deal with people from
24 |TIBO Magazine - Fall 2016

all walks of life. A question that I regularly receive
from small business owners (past or present) can be
summed up by the following: “I invested $50,000.00
into a business in 2010 but after struggling for many
years, I closed it down in 2014, more in debt than I
could have ever imagined. During that time, I became
$20,000.00 delinquent on my mortgage and the bank
is now looking to foreclose on my home. I can make
the ongoing payments now that I have a good paying
job, but I don’t have $20,000.00 to pay them up-front.
How do I save my home?!” To that question or one
that is similar, my immediate instinct is to introduce
them to the wonderful world of Chapter 13.
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