Chapter 11:When All Else Fails, Raise the White Flag
One of the hallmarks of a financially savvy entrepreneur is knowing when the gig is up and when it’s time to raise the white flag.
I understand how un-fun it is to struggle and how horrible it feels when that struggle looks like it will end in failure. It feels like the opposite of financial savvy. You just want to crawl into a hole and never come out again. It feels so huge, so public, and so permanent.
Before we can go too far, we need to be sure we’re all on the same page. Most people have at best a vague and general idea of what bankruptcy is, and a lot of misinformation abounds. In essence, bankruptcy is a financial do-over that gets rid of particular types of debt if ...