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How to avoid bankruptcy
1. It's a fact
According to the American Bankruptcy Institute, nearly 367,000 bankruptcies were filed in the first quarter of 2001, an increase of 15 per cent over the same time the previous year.
2. It's a fact
In addition to the increasing numbers of bankruptcies being recorded, fewer than 10 per cent of all small businesses emerge successfully from Chapter 11 bankruptcies.
3. Viewpoint
"A good reason to declare bankruptcy is to avoid having someone else do it for you. If three creditors are owed - say, more than $10,000 combined as is the case in the US - they can get together and file involuntary bankruptcy against the debtor, claiming that it cannot pay its debts as they become due. …
