Does This Example Sound Like You?
You own and operate your own business – things were great for the first couple of years, but lately sales have dropped off and in order to pay your suppliers you’ve let your payments to the government slide. Yesterday they froze your bank accounts. What can you do?
What Can You Do?
Solutions for self-employed people are always a bit more complicated. Depending on the legal structure of your business (sole proprietor, partnership or corporation) your approach may be quite different. Let’s say that you’re a sole proprietor and therefore you need the account unfrozen immediately. You have the option of filing bankruptcy or possibly a proposal to your creditors. The 2 questions you need to ask yourself are “do I want to stay in business?” and “am I making any money?” We strongly suggest you meet with a financial professional – for more information click here.
