Managing Personal Finances After a Business Failure

Sourced from https://www.business-opportunities.biz/2020/04/03/manage-personal-finances-after-business-failure/

Photo by Marco Bianchetti on Unsplash

Dealing with a business failure is mentally tough, but it’s even tougher if you aren’t secure in your financial life. With your primary source of income no longer available, and the looming debts you incurred while building the business from scratch, you may seriously consider filing for bankruptcy. Depending on judgment collection laws in your state, even your personal assets may be at stake.

Fortunately, there are a few steps and strategies that can help you recover financially—if not mentally—in the wake of a business failure.

Take Personal Inventory After a Business Failure

Your first step after the collapse of your business will be taking a moment to assess your personal inventory. What have you lost, personally, from the failure of the business? What does your future currently look like? Consider:

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