Despite your best efforts, you may someday find that your business is unable to pay debt in a timely manner. One solution is to declare bankruptcy, a legal proceeding in a federal court that releases your company from the obligation to pay some or all of the debt owed. Bankruptcy can provide something of a fresh start for your business, but it is not a perfect solution. A history of bankruptcy can affect your business's credit rating, which will make it difficult to obtain credit in the future. In some cases, your business may be forced out of existence when the proceedings finally end.

for more,  visit http://my-biz-tips..com