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California Sees a Significant Increase in Small Business Bankruptcies

A story produced by National Public Radio (NPR) has drawn light on a sad but true fact:  small businesses are being hit hard by the poor economy, forcing many business owners to close their doors for the last time.

Many of the businesses affected by the downturn in the economy are based in California. In fact, small business bankruptcies rose 81% in California last year, according to Equinox, a credit analysis firm. This figure is double the national average for small business bankruptcies.

The NPR article states that approximately 19,000 businesses filed for bankruptcy between September 2008 through September 2009. This is double the rate of bankruptcies filed during the same period the previous year.

The need to file for bankruptcy comes not as a result of the business owners’ lack of ambition, drive or dedication, but more likely a tight credit market, falling home prices, and a high unemployment rate.

If you are struggling to keep your business open, an experienced Los Angeles bankruptcy attorney may be able to help. It may turn out that you don’t need to file for bankruptcy. You may be able to take advantage of some alternatives to bankruptcy, such debt consolidation, debt settlement, or a loan modification. If you ultimately decide that filing for bankruptcy is the best course of action for you, you can depend on an attorney at the Law Office of Teresa Beyers to provide you with the trusted guidance you need during this difficult time.

Interested in learning more? Contact the Law Office of Teresa Beyers today by calling (213) 236-4400!
Categories: Business Bankruptcy