0
If a business is filing bankruptcy can the principals be affected?
Wiki User
∙ 11y ago
Yes. First, if it isn't an Incorporated business, they most likely are completely totally involved (as the business is normally simply them personally really). And of course, if it is a Corp, the officers may be personally liable for some things...sales and payroll taxes most notably.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Can you own your own business while going through bankruptcy?
Depends on the type of bankruptcy you are filing. Generally a personal bankruptcy does not effect your business, and vise versa. However, if your business is filing bankruptcy, a Chapter 11 reorganization will allow you to stay in business.
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
What is the Bankruptcy Code?
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
Will your lawsuit against employer be affected by the chapter 11 bankruptcy filing?
Very possibly.
What Year did Pan American airlines go out of business?
It went out of business in 1991 after filing for bankruptcy. After the Lockerbie disaster of 1988, Pan Am went into a steep decline, eventually leading to filing for Chapter 11 Bankruptcy.
What does the term 'corporate bankruptcy filing' mean?
Corporate Bankruptcy Filing is the name given to the process when a business becomes insolvent and unable to meet their debt commitments. This is in contrast to personal bankruptcy where an individual becomes insolvent.
How much does a business make?
The amount of capital that a business can make ranges from filing bankruptcy to buying a presidency.
Should a Christian file bankruptcy?
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
How can you find out if a garnishment has been stopped by filing bankruptcy?
Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.
Does having a car in repo effect filing for bankruptcy?
No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.
In a Chapter 7 bankruptcy a person filing for relief is called a?
In a Chapter 7 bankruptcy, a person filing for relief is called a
