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Lets start with - a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves EVERYTHING you owe and everything you own. It is not limited to some aspect - like medical debts or credit cards or the secured property debts of your life.
Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be able to be cleared (like child support, student loans). A secured debt, that is one that has a right to a certain asset, has first call on the funds from the sale of that asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets.
But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets!
Under Chapter 13 Bankruptcy, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoIf you are personally liable for the debts, you MUST include them in any bankruptcy filing. If the business is a separate legal entity (corporation, LLC, LLP, partnership), you must include the business as an asset, but any debts you are not personally liable for are not listed in your bankruptcy.
If the business is small, has only one owner, one corporate officer and shareholder, etc., the owner is probably personally liable for most if not all debts.
Wiki User
∙ 12y agoYes.
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If you file Bankruptcy on your business can they take your personal assets?
Only if then can show that you committed fraud, by piercing the corporate veil (i.e. using the business as your personal property), or if you gave a personal guarantee for business loans/debts.
If you file bankruptcy because of personal debts related to your business then sell your business after the bankruptcy can the courts take your proceeds?
== == YES. All of your property is considered in a bankruptcy. Your creditors have every right to get at ALL of your property including your business assets. I would be very surprised if the court didn't order the sale of the business to satisfy the creditors demands.
If you have a loan with your thrift savings at work do you have to file on it if you file bankruptcy?
You need to include all of your debts in the bankruptcy.
When filing bankruptcy which chapter eliminates all debt?
It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.
Can bankruptcy be filed on partially own property?
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the property as well.
What kinds of liabilities are sole proprietor subject to?
Sole proprietors are fully and personally responsible for all their business debts. If the business begins to fail, the owner has to do what the have to by all means to pay outstanding obligations, even if they have to sell their own personal property. Us proprietors can limit our liability by buying appropriate insurance. We can DUCK debts by declaring personal bankruptcy.
The legal proceedings to administer the assets of a person or business that cannot pay its debts is known as?
Bankruptcy
When you have a debt for overpayments by social security can you declare bankruptcy on the social security debt and still keep your credit card?
== == NO, you have to turn in any credit cards and include the credit card debts in the bankruptcy. You can't pick and choose what debts you are going to include.
Can you file chapter 13 on a land contract?
A bankruptcy (either 13 or 7) is filed by a person and is to include ALL debts, not a particular contract. You should speak with a bankruptcy lawyer to find out if you qualify and what debts would be discharged or reorganized under a bankruptcy.
If you own a business that is an LLC can you file bankruptcy for your personal debts hence leaving the business out of it?
Well yes to the degree the business has nothing to do with your personal BK...it makes no difference to it. However, your personal ownership of the business (just like if you invested/owned stock in any company and it had value), may well become something that the creditors would want to pay your personal debts. And they certainly would at least want to see that you didn't hide any personal assets under the name of the business...like the business owns the cars and the boat and the vacation house....and has undistributed earnings...don't laugh - many people try this).
Why would a small business claim bankruptcy?
A small business owner would claim bankruptcy for a few reasons. The biggest reason would be to eliminate most or all debts for which a business owner is personally liable for.
If i file for bankruptcy what debts am i liable for in the company name?
If you file BK and the business is just that - a sole proprietorship...you doing business as "a business name"...they are all your personal debts. If it is incorporated, a Corporation, or several other forms of legal entity - you may not have any obligation for any of the debts in that entities name, unless of course, you were required to sign for them personally too...which in small or newer businesses of any type is common.
