Yes ,I am agree with you bankruptcy is not good for the business owners.You must clear all your creditors on the time.

This post was created on July 16, 2005... the second day this site was online... I'm curious to know how people are doing with bankruptcy?

If you declared bankrutpcy 5 years ago, you should be out of the process, and almost clear... only another 2 years to get the items cleared from your credit report.... except the bankruptcy notation!!

The following is a true story about a guy having trouble getting a bank account because he went bankrupt twice.

I got a call from a guy who wanted me to fix his credit reports because he was getting into a multi-million dollar deal with some investors. He wanted me to get his bankruptcies deleted from his credit report because he was having trouble opening a bank account! The investors had given him a cheque for $500,000 and he couldn't deposit it. The banks told him that he was too great a risk and would not be able to help him out.

Obviously not being able to open a bank account might send a strong message to future business partners.

The point of the story is that if you declare bankruptcy now, you're still going to need income later. If you're going to apply for a job, you may have to disclose to the employer that you've declared bankruptcy. If you're going into business for yourself, you might have a really tough time getting credit from future creditors.

Please, stop and think of the future problems you may have by declaring bankruptcy today.