Countless celebrities have filed for bankruptcy over the years. According to Time, this long list includes talk show titan Larry King, former heavyweight champ Mike Tyson, rappers 50 Cent and MC Hammer, actors Gary Busey and Burt Reynolds, and rock stars Tom Petty and Mick Fleetwood. Abraham Lincoln, Henry Ford and Donald Trump are often cited as other examples.
According to numbers recently reported by the American Bankruptcy Institute (ABI), there were 38 percent more commercial bankruptcy filings in September when compared to the same month just one year ago.
For many business owners struggling with debt, bankruptcy provides the best - and often only - solution for keeping their businesses afloat.
According to data recently provided by Epiq Systems Inc., and distributed by the American Bankruptcy Institute (ABI), commercial bankruptcies in the U.S. increased 10 percent in July 2016 when compared to the same month just one year earlier. This marks the ninth straight month in which commercial bankruptcy filings have experienced year-over-year increases.
With Donald Trump under public scrutiny for filing Chapter 11 bankruptcy protection multiple times in the past few decades, many businesses wonder how a bankruptcy will reflect on their own reputation and future business deals. Is there a way to shield your business bankruptcy from public view? What steps can you take to minimize any negative impact to your business?