Starting a business requires a generous amount of two things: time and money. While some startups strike it rich (Google),Forbes reports that 90% of startups never get off the ground. Sometimes a failed startup can merely sell off its inventory, shut down its website and hand in the office keys. Other times, a company may find itself in dire financial straits. When your company cannot meet payroll, has no way to pay its vendors and has no idea where to get more funds, it may be time consider declaring bankruptcy.