Even poorly executed business deals that were made decades ago can provide legal problems for former business owners. This was the case for William and Patricia Millard, who recently filed for personal bankruptcy after finding out they owed unpaid interest and taxes on the sale of their business. William Millard is the founder of the ComputerLand retail chain.
The decision to file for a business bankruptcy is always a difficult one, especially when it becomes clear that it can have a ripple effect on the local economy. The company itself may be subject to the ripple effect of other forces.
People who are considering filing for bankruptcy often feel as if they would do so as a last resort. What often happens is that people are dissuaded from filing because they associate bankruptcy with the end -- when in fact, in many ways, it is the beginning; bankruptcy is a fresh financial start for someone who needs it.
Regardless of how many people have gone through it -- including many famous and wealthy people -- the idea of filing for bankruptcy still leaves a lot of people cold. Even if it might lead to a brighter and better financial life on the other side, some people can't get past the notion that they are somehow failing by filing for bankruptcy. This simply isn't the case.