Small business Bankruptcies on the rise
May 7th, 2008 | By Kevin Spence | Category: Featured ArticlesApril was a bad month for businesses in the US.
Of course this doesn’t include businesses that shut their doors and didn’t file for bankruptcy. I’m starting to see more businesses failing here in Portland and sadly it’s not just businesses related to housing.
Probably 60 - 70 percent of the small businesses with which we work at Mercy Corps Northwest have filed bankruptcy within the last 5 years. The most important thing for small businesses and individuals hoping to recover from a bankruptcy is to find ways to intentionally rebuild their credit, like obtaining a secured credit card from a bank if possible, keeping thier debt to income ratio low, and paying any creditor on time!