A Buddy Is Ready For Declaring Bankruptcy

A 50-something buddy was recently advised to file for bankruptcy after a thorough review and financial briefing from his credit counselor.

Bankruptcy involves the closing down of his business, giving up any possessions of value and his interest in his property and the inability to obtain new credit.

My buddy says he is ready to get a fresh start by liquidating his assets to pay his debts. He has had enough of feeling bad and guilty for not being able to pay his creditors after his business specializing in industrial equipment supplies started seeing red one year ago.

If liquidating his assets can help pay some of his creditors, he is willing to be a bankrupt.