This economy has affected businesses, both large and small including some huge corporations such as Chrysler and GM that have never had trouble succeeding in the past. Many entrepreneurs are now wondering what kind of businesses are truly recession proof and ones that weather a storm like this current economy? Many business owners are finding themselves seeking the advice of a professional bankruptcy lawyer or a bankruptcy attorney for advice on whether it will save their business if they file for bankruptcy. This article will describe some examples of small and large businesses that are surviving in this economy and others that have had to file for bankruptcy in hopes of keeping their business alive in the future.
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One of the most well known cases of a business filing for bankruptcy in the past several months is that of the large car industry leaders of Chrysler and General Motors. Both of these companies have had to close several of their plants and let go thousands of employees due to declining sales in this hard economy. For the first time, the government put in a bailout plan to financially help these two companies to avoid from going out of business and affecting even more American jobs.
Some little businesses are struggling too as a result of their clients losing their jobs or experiencing pay cuts. Small housecleaning businesses are really feeling the trickle down affect of the bad economy. One housecleaner has had a 50% reduction in her clients having to stop their cleaning service due to the economy. They have lost their jobs or have had to receive lower pay therefore, things that are luxuries and not necessities like having your house professionally cleaned is one of the first things that is dropped. That is one of the biggest problems with the recession is that one person losing their job then affects all of these other people because of that too. It is just a long chain of people not being able to make a living all the way down the line.
Some jobs are actually improving because of the recession and the hardships of others. One big example is a business that deals with consignment sales. Whether it is used cars, gently used furniture or consignment clothing, people need to save money and are turning to these used shops for their items in record numbers. They are also bringing their items to sell to get some needed money back. Because of this, business is thriving for this type of business.
The government has been trying to encourage Americans to put money back into the economy to try to break this recession pattern and cycle. Until people can afford to start spending money again, the recession will continue. It is quite a hard predicament and the amount of people and businesses declaring bankruptcy is higher than it has been in several decades. If you are at that point, contact a good and reputable attorney that handles in bankruptcies to assist you.
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