No, because C-7 dissolves the business...and it can't do nothin anymore.
Chapter 11 bankruptcy is for corporation entities or partnerships, including home businesses and small business owners. Chapter 11 allows one to make a debt re-organization plan designed to keep a business operational while debts are being repaid.
Get an experienced bankruptcy lawyer who does chapter 11s. If you want to try it yourself, you will probably not be successful, but you can get the forms online or in stores like Staples. You should download the forms and instructions at [your state] US bankruptcy court.
you can if you was out of 13 but if your not if you had this dept when you file 13 you can get your lawer to add it in just talk to your lawer.
The options available to a small business owner would vary in each situation. With a lawyer the business owner can go through each of the options and choose the best one for their situation.
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.
A Chapter 7 BK is very tough to see past. Short of waiting the required time period you may work on your business credit separately.
While many small companies (mom and pop) business have declared bankruptcy the biggest is GENERAL MOTORS who declared bankruptcy.
Probably not
The company Adelphia Communications Corporation now has the small amount of 275 employees. They had to let go some of the employees when they filed Chapter 11 Bankruptcy and had to reorganize the business.
Four. Chapter 7 BK is a total liquidation of debts and available to individuals and businessess. Chapter 13, is a consolidation/repayment action and available to individuals and small businesses. Chapter 11 is a consolidation/repayment action and used by large businesses/corporations. Chapter 12 is a consolidation/repayment action used by farmers and private individuals in the fishing industry (fishermen/women).
You can take a small business loan, but you will have to repay it or face bankruptcy and having your assets seized. Instead you can pursue a grant, which you do not have to repay.
Unfortunately, many small businesses are struggling financially in the current economy. To find information on business bankruptcy, you have a variety of options, including contacting an attorney, contacting a financial advisor, or seeking information about local and federal bankruptcy laws in your area.