The Best Moves If You're Broke

Bad legal advice left one former entrepreneur saddled with $150,000 in outstanding debt and no way to pay it. Told that it wouldn't make sense to incorporate her new management consulting firm, the woman ended up regretting that decision when business went south. "I started using my credit cards to keep the company alive," she says. In 1991, after seven years in business, she closed the doors. It only got worse, however. Creditors harassed her, and lawsuits ensued. "I decided to file for bankruptcy to protect my future."

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