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HOW WILL BUSINESS BANKRUPTCY AFFECT YOUR CASINO MERCHANT ACCOUNT BUSINESS

 Being the owner of a business, filing for bankruptcy is one of the most difficult decisions or actions in your life. You will feel really bad that all that hard work and effort did not pay off well. You will start losing confidence in your self and curse your fate for letting it happen. However, before filing for bankruptcy you have to do extensive research to find out if there are any better alternatives for you and your business which does not destroy your business to such an extent that it cannot recover. It is highly recommended that you take expert advice from proper lawyers before you take this extremely step. However, if all your resources are exhausted and you are still in huge amounts of debt then the only option for you is “Bankruptcy”. The relief and the lease of life that you and your business get when you file for bankruptcy outweighs the setbacks and stress such as loss of your business or harassment from your creditors.

Filing for bankruptcy may be your only option to keep your business from being destroyed by the weight of its own debt. Most of the public companies choose to become bankrupt under chapter 11 due to the fact that they will still have complete control over their companies even though they have filed for bankruptcy. Under chapter 11, you have the option of consolidating all your outstanding debts and coming out clean within a span of 5 years.

The bottom line is: your creditors are not at all impressed when you file for bankruptcy though it is under chapter 11. The reason for this is, your creditors will not get their payments and more over you are no longer obliged to pay them back. Therefore, if your creditors harass you to pay back their loan then you can threaten them by saying that you will file for bankruptcy. No creditor would like any business to file for bankruptcy because they loose a lot of their money. However, don’t think that filing for bankruptcy will do you or your business any good. You will find it extremely difficult to get funds for your business in the future. No lender will be willing to give you any money unless you prove your credibility.

The other option for a business is to work closely with its creditors and overcome the financial problems. The creditors can meet with the business owner and agree on a repayment plan which is convenient to both the parties involved. Once the plan is finalised the bankruptcy channel can be followed so that the plan is implemented properly. This will allow for a proper and systematic procedure to be followed. The claims of all creditors’ will be addressed in a single proceeding in the court. This method will decrease the doubt in the minds of the creditors and therefore, they will not have to file their suits individually. Declaring bankrupt will decrease your credit score by a whopping 200 points. Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.