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.