Money & Finance

Business Owners See Bankruptcy as a Fresh Start

Business owners see bankruptcy as a fresh start

Bloomberg Business

In a tough economy the number of businesses in financial trouble has increased dramatically, but it doesn't have to mean the end of the road for your business dreams.  In a recent study, business owners that filed for bankruptcy were just as likely as new business owners to have a successful business.  

Karen Kline, with Bloomberg Business examined bankruptcy records and says “We don't see long-term effects on profitability and firm size.”  While owners did experience some set backs, like difficulties getting loans, ultimately they overcame their problems and worked even harder the next time around.  In fact, some business owners say bankruptcy gives them a fresh start and a new approach to their business plans.

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