With the state of the economy today, it is really difficult to predict the health of your income and the longevity of the business. If today you are only in breakeven when it comes to sales, when time comes that the economy gets lower than it is today, it is really inevitable to be bankrupt. This may sound a bit harsh but there will come a time where bankruptcy shall be declared.
It is a wide known fact that with bankruptcy there are fees involved. So, how will you pay for the fees if you have no money already? Fortunately, there are bankruptcy funding that you can take a look into; below are just some ways to pay the fees.
- If you are a union member or had been a previous member, you can always talk and ask advice from the Union’s Welfare Officer. The Officer can assist you in paying for the fees involved in bankruptcy. The union may be able to help you also since you are a member and nobody can understand you better than they do.
- It would also not hurt if you ask for help from your local Citizen’s Advice Bureau. In the state of bankruptcy, it is best to lower down you pride and asks help from them. You may be surprised to know that they have local bankruptcy funding that you can apply to.
- Lastly, contact any utility company trust funds. Oftentimes these utility providers (gas, water and electricity) have Trust Funds which you can apply to. These funds are particularly set up for businesses that are running in bankruptcy. The nature of this bankruptcy funding is, they would help you with the costs incurred while filing for bankruptcy. The good thing about this option is, once granted; some companies actually give the money as a form of a gift and are not repayable.
When in a state of bankruptcy, never hesitate to ask around as you may not know, there are actually bankruptcy funding that are available for you. Remember, there is no harm in asking and trying to seek for help.