It can often be really difficult to fathom that a business you ended up putting your heart and soul into has run out of money at this current point in time. As a result of the fact that this is the case, it is very common for people to delay the process by which they can file for bankruptcy for as long as possible. However, while it is definitely understandable that you would want to avoid such thoughts and save them for a later day, doing so would be terrible for you without a shadow of a doubt.
The longer you wait before hiring a bankruptcy lawyer and making the declaration, the worse your credit score is going to end up becoming. You need to minimize damage declaring business bankrupty by doing it sooner rather than later, and any lawyer who works in the field is most likely going to end up saying the same as well because they know that there are a lot of problems that can occur if you avoid doing this despite the financial status for your company.
Basically, if you don’t do it the moment you realize you are unable to pay your debt, it will become far less likely that you would ever get the chance to open up a business ever again. The key here is to find a way to cut your losses and move on, and most of the time a lawyer can help you do this with such speed and efficiency that it would end up being over before you know it and you can then focus on putting a recovery plan in place that would be amazing.