There are several financial strategies that were pioneered by the corporate world which have eventually moved into the public consciousness to become common fixtures. While not yet translated into a practice too regularly seen, strategic bankruptcy has become a powerful tool in corporate arsenals to work through severe credit and contract problems. Bankruptcy filings often expose an individual to harsh criticism and social stigma, as debtors are looked upon as people who have made repeatedly poor choices concerning their finances. In reality, the economic environment of today simply is unkind to many businesses or individuals, making bankruptcy a more realistic option for some.
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Strategic bankruptcy is the process of going through bankruptcy in order to promote corporate growth instead of folding the business. Instead of being the end of the company, bankruptcy can actually be an important step to clear out problem contracts and mounting credit issues.
Although some may regard this as a less than ethical procedure to restructure and flush out loan problems as well as lease agreements, the benefits of the process can potentially outweigh the penalties. If a company is able to cut losses before financial catastrophe or complete liquidation, employees may be able to retain their jobs. This can help to keep unemployment rates lower, which, many would argue, is better than the alternative. If the business can continue to flourish after bankruptcy, then they may continue to contribute to increased economic stability.
Among individuals, it is rare to enter into a bankruptcy without being pushed to the absolute limits of personal finance. The penalties can make future loans prohibitive, as well as making any future finance failure more drastic. However, if the benefits are more attractive than the penalties and it is legal in that area, strategy bankruptcy may become more common among individuals. Contact a bankruptcy attorney to learn more about what options are available when entering the bankruptcy process.
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