Banking and Record KeepingGood banking and record keeping is the key to preventing bankruptcy. As a company owner or an individual, you should have access to your economic information at any time. Also, you should always know who you owe, how much you owe, and when the payment is due. Monitoring cash flow and managing payments can prevent debts from piling up.
You should always file state, local, and federal taxes on time. Even if you cannot afford to pay what you owe, you still need to file the returns. Once you file, you can work out a payment plan for the taxes as necessary. If you do not file, you get charged failure to file penalties, and these penalties are expensive. Bankruptcy can be a solution to paying off tax debts.
Making an Employee Manual
Although making an employee manual can be costly and often requires a lawyer, it will be worth it in the end. Issues can arise because employees were given no guidelines and as a result have unrealistic expectations. Instead of going bankrupt to solve these problems, prevent the issues from occurring altogether.
Even with these rules, bankruptcy cannot always be avoided. Consult a lawyer to decide the best course of action for you and your company.
At Aiken Schenk, we have a dedicated team of bankruptcy attorneys. Heather Macre and Philip Rupprecht have the experience and knowledge to get you the help you need. Let Aiken Schenk help you take the next steps toward relieving your financial stress.
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