Starting Over: Chasing Business Success After Falling Once

Man Cutting a Red Ribbon with ScissorsStarting a business is challenging, as it takes guts and courage. Sometimes, your first try does not yield good results and not everyone becomes the millionaire they’ve always dreamt of. You may even go bankrupt because of one wrong business decision.

Learn from your mistakes and try again. Here are some things to consider after recovering from a bankruptcy:

It’s OK to be Old School

Everyone you meet may be sporting the latest Apple gadget. While many say that to be successful, you have to look the part, there’s nothing wrong with pinching pennies when starting out.

Take a page from Warren Buffett’s playbook: “Does your old car really need an upgrade if it’s still working well?” Rather than spending on things you don’t need, save as much as you can, so that your business can have a bigger emergency fund.

Try a Different Venture

If you failed at your first try, and it led to you filing for bankruptcy, Utah Bankruptcy Pros says that this doesn’t mean you’re not cut out to be an entrepreneur. This may mean that you need to be in a different business. Try something related to technology.

Utah Business ranks Provo as seventh in “Next in Tech,” so you know there’s a good chance of success in this field, especially for startups.

Don’t Compromise on People

Your employees will define your company, so choose the best ones. It may be tough finding people who will work for the salary you’re willing to offer, but the key is finding people who are enthusiastic about what they do. It should never be about the money, but of course, you should be willing to pay them their worth. Provo mayor John Curtis says he knows some rich people who are unhappy, and those are not the employees you want on your team.

It’s easy to think of starting a business, but making it happen requires hard work and perseverance. The people who succeed are those who never give up.

Bankruptcy 101: What You Must Never Do Before Filing

Bankruptcy in ProvoIf you’re really considering filing for bankruptcy or planning to do so in the near future, you must prepare in advance. It is extremely crucial to note that if you fail to prepare properly or take even one misstep, you could immensely jeopardize your case. Many debtors have committed errors before filing bankruptcy, with some ending up in devastating consequences. To avoid becoming one of these debtors, here are some important things you shouldn’t do before filing.

Provide Fabricated Information

The court will require you to provide all your financial data to your lawyer or trustee during the initial stage of filing for bankruptcy. This information must be complete, genuine, and accurate since the court will review and evaluate it. Otherwise, the court won’t grant you debt discharge, dismiss your case, or worse, subject you to criminal prosecution.

Not Filing Your Tax Returns

These are extremely vital documents that the court requires as part of your filing paperwork since these will satisfy claims of income tax. In the event that you didn’t file your tax returns in a timely manner, you risk halting the progress of your case.

Rack Up More Debt

In general, the court won’t likely discharge significant debt you racked up within 90 days of your bankruptcy filing. You could even face fraud charges from your creditors. This means that you will be held responsible if you max out your creditors or run up debts with other creditors just because you’re planning on filing for bankruptcy.

Move Assets or Modify Titles

Utah Bankruptcy Pros may agree that doing these prior to filing for bankruptcy might appear to the court that you’re trying to hide specific assets. Failure to report all your assets, even those you’re expecting from a settlement, trust, will, or lawsuit is illegal, adds a seasoned bankruptcy attorney in Provo. Instead, talk to your lawyer regarding asset protection before doing anything.

Pay Specific Creditors and Not the Others

Take note that in some instances and depending on particular circumstances, filing for bankruptcy could actually undo a debt payment.

The best thing to do before filing for bankruptcy is to educate yourself. Brush up on bankruptcy laws specific to your state and seek help from an experienced bankrupt attorney to ensure that you explore all available options for debt relief applicable to your case.