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America’s small businesses face unprecedented challenges. Small businessbankruptcy filings increased 78% over the past year, driven by impending changes to bankruptcy law and ongoing uncertainty about the overall economic outlook. The shift to cashless payments makes this more straightforward.
If you don’t have that protection in place by dividing your business finances, you risk opening up your personal finances to seizure when that judgement goes against you. With 100 monthly fee-free transactions and $5,000 of cash deposits, this suits most small business owners’ needs.
File for bankruptcy. If your business is simply facing too much merchant cash advance debt, you can consider filing for bankruptcy. Bankruptcy should be reserved as a last possible resort, but it can also mean the difference between saving and ruining your business. File for bankruptcy if your debt is untenable.
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