What Do Businesses Need to Know Right Now About Bankruptcy?
What kind of debts do businesses typically have? Businesses may have a line of credit, which may be unsecured debt, which means essentially there’s no collateral backed by that loan. They may have debt that is backed by collateral, such as real property, for example, as with a property-flipping and renovation business. The loan is typically secured by the property. There are other kinds of secure loans that are secured by personal property as opposed to real property. Personal