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No one wants to—nor should—go straight to filing bankruptcy. As you figure out your best approach to dig yourself out of creditcard debt, one thing is for sure: Don’t let your balances sit. It’s also a better alternative than declaring bankruptcy to preserve your credit. Declare bankruptcy.
Financing companies provide a lump sum of cash, which they calculate according to your business’s creditcard receivables. In return, that financing company takes a percentage of your creditcard sales. File for bankruptcy. There are three options when filing for business bankruptcy: chapter11, 7, or 13.
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