Business Bankruptcy

According to an article in the Dallas Morning News, a private survey by the National Federation of Independent Businesses revealed that small businesses in the U.S. plan to continue implementing job losses over the next three months in an effort to balance out the affects of falling revenue.

“The number of companies looking to cut jobs exceeded the number expanding staff by 4 percentage points in September, according a survey…”

Employment at small businesses account for 6 out of every 10 jobs created in this country. Large numbers of job losses in the small business sector will definitely have widespread effects on the economy.  The business owners’ intention is to save their business from bankruptcy by reducing staff and inventory; but the reality is that it is only a temporary fix.

As more and more people face job losses and long-term unemployment, less of them will be able to spend money at restaurants, retail outlets, hotels, on air travel or anything else besides the basics and in some cases not even that. Is there room for another bailout?  Maybe this time we can use it where it will really make an impact.

Contact our bankruptcy attorney today