While much of the advice in here is good, some of it is really off, including a huge miss in the very first sentence. While bankruptcy has its problems, declaring bankruptcy is not the same thing as shutting down. Bankruptcy is a tool used to do exactly what this article is talking about -- restructure the business.

It isn't the right answer all the time, and I have my own personal philosophical problems with bankruptcy, but when an article doesn't even point out that it can be a part of this process, there is a big gap in the perspective presented.