6 Ways to Dig Out of Debt - Innovation America

With lenders tightening the reins on borrowers and prices for everything from materials to health care on the rise, many small-business owners are straining under the weight of growing debt.

Last month, 8,113 businesses nationwide filed for bankruptcy protection--a 57 percent increase from the same time a year ago, according to Automated Access to Court Electronic Records, an Oklahoma City bankruptcy data and management company.

Certainly, bankruptcy is one route small-business owners can take to salvage their companies, but such a move comes at a steep price. The attorney and court filing fees alone can add up to $8,000 or $9,000, says Charles J. Schneider, a small-business bankruptcy attorney, Livonia, Mich. Then there's also the long-term damage that bankruptcy causes to both the business and the owner's personal credit scores.

To read the full, original article click on this link: 6 Ways to Dig Out of Debt - Small Business Debt - Entrepreneur.com

Author: Diana Ransom