calvin and trish started a cleaning company, but unfortunately their competitors offered lower prices, and…

calvin and trish started a cleaning company, but unfortunately their competitors offered lower prices, and the company failed. calvin and trish had borrowed $20,000 to start the business. what is one consequence they would face if they go through bankruptcy? they will face legal charges. their credit will be impacted for several years. they will be prohibited from getting a future business loan. they will have to pay back the full loan along with all interest.

calvin and trish started a cleaning company, but unfortunately their competitors offered lower prices, and the company failed. calvin and trish had borrowed $20,000 to start the business. what is one consequence they would face if they go through bankruptcy? they will face legal charges. their credit will be impacted for several years. they will be prohibited from getting a future business loan. they will have to pay back the full loan along with all interest.

Answer

Brief Explanations:

Bankruptcy typically has a negative impact on credit scores, which can last for several years. Legal charges are not a common direct consequence. Prohibition from future business loans is not automatic, and in bankruptcy, debt - repayment terms may be adjusted and not necessarily full repayment with all interest.

Answer:

Their credit will be impacted for several years.