Business bankruptcy can be a significant financial blow for those who seek its protection. However, many Massachusetts residents find that the emotional toll of bankruptcy is one that is often left unmentioned. Choosing to close your business for financial reasons can be an emotionally traumatic event that affects both your mental and social health. Give yourself permission to have strong feelings about your Chapter 11 bankruptcy, and you may find that you weather the storm better than you ever imagined.
Experts say that one of the most important assets for any business owner going through bankruptcy is a legal and financial team that can be trusted. Trimming your staff during a Chapter 11 bankruptcy may be necessary for financial reasons, but it is also critical to eliminate those naysayers that refuse to get on board with your plans. Obtain the support of both internal resources -- dedicated employees -- and external resources such as attorneys.