Our Bankruptcy experience in the Philippines

Our Bankruptcy experience in the Philippines

The year February 2003 was one of those years that I vividly recall as our darkest time ever in the business arena.

After 15 years of operations, both my parents who are directly operating our business decided to finally shut it down as it has continually drained even our reserved resources. We thought that by infusing additional funds, our business would still somehow make a significant return from this business reversal.

Still, nothing significant ever happened as we just saw all our funds slip down the drain again and again. More so, it has aggravated our situation as it created a pile up of our payables.

When we decided to shut it down, the first thing that entered our mind was to clear our names from our suppliers by paying off our debt, as this would stir a lot of commotion. We communicated with them and settled what needs to be settled up to the extent of even selling our properties just so we could satisfy every supplier. We thought that it was the best thing to be done yet only to find out later that it was a wrong move.

Not that we should have run away from our debts, we should have arranged and scheduled it in such a way that would allow us to be able to start something again but what happened is that we were totally extinguished from resources to be able to start something new.

We failed to realize that we could pay our creditors later when we have at least settled down with whatever newfound source of livelihood there would be instead of paying off all our debts right away with nothing to start with.

Likewise, we failed to file for a bankruptcy amidst our differing speculations that could have at least supported our decision to defer the payment of our debts.   

Things could have been placed in order and not just decide on moves in a whim if we have even consulted a bankruptcy lawyer. We also thought that having a lawyer would just aggravate our dwindling resources. Alas, we were wrong. A bankruptcy lawyer could have saved us from so much pain and trouble.

Nevertheless after 7 years, both my parents and I are starting to regain foothold on our newfound source of livelihood, which could have been earlier if we knew what to do. At least, my parents could now go back to the place where we had that business without so much anguish as compared to the initial years when even the thought of it sends shivers up my fathers spine.

Disclaimer:

I am participating in a blogger campaign by Bucks2Blog (www.Bucks2Blog.com) sponsored by Cary Bankruptcy Attorneys (http://www.billsbills.com/) and will be compensated. However, the views and opinions are all facts and of my own.