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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?
Wiki User
∙ 16y ago
== == 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.
Wiki User
∙ 16y ago
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Does a personal bankruptcy eliminate a personal guaranty on business debt?
Yes. I filed for that reason alone. I signed a lease for a business. I was told I had to sign a personal guarantee. I had to file a personal BK because of it. When I left the lease they tried to sue the business....but the business had nothing, so they came after me because I signed a personal guarantee. I filed a Bankruptcy and it was discharged.
Could the US government take the proceeds from the sale of you home if you have a judgment against you because of a student loan and you filed bankruptcy?
Yes. Federally funded student loans are not dischargeable in bankruptcy.
Can you get a small business loanafter you file a chapter 7 bankruptcy?
No, because C-7 dissolves the business...and it can't do nothin anymore.
Why did the court of requests took people belonging if you had debt?
Because personal belongings can be sold - and the proceeds used to offset the debt !
Why did the beatles finish their career?
Because of personal, business and musical differences.
If getting divorced and spouse is filling bankruptcy should other half do the same?
Just because your spouse is filing for bankruptcy does not mean you need to. If your spouse ran up a lot of bills related to a business or something that does not involve you and no one will be coming after you for those debts, there is no reason why you should declare bankruptcy. If, on the other hand, you are in debt just as deep with no possible way of paying off those debts, it might be a good idea. It depends on your personal situation, not your spouse's situation. You may want to check with the bankruptcy lawyer.
Why did Kira Plastinina go out of business?
Kira Plastinina went out of business because she bought to much name brand stuff like manikins and hangers. She filed a chapter 7 which is bankruptcy
Will you get fired from your job if you file for bankruptcy?
No, you can't get fired for filing for bankruptcy because as what federal law prohibits an employer to discriminate against you for declaring personal bankruptcy. In fact, you will probably be happy and relieved to know that your constitutional rights protect you from being fired for filing bankruptcy. Yes, it is a violation of your rights, not to mention a crime to fire someone for filing bankruptcy. So, don't worry your job is safe.
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
Does SPA Trust asset protection work in bankruptcy?
It can, provided the trust is written properly and, often more important, the transfer of property to the trust is not able to be considered a fraudulent transfer. You should consult an attorney to see if it would work for you, because everyone's facts are different. Todd H's experience: "I put a home in a SPA Trust a couple years ago and recently went through a business and personal bankruptcy. We disclosed everything to the bankruptcy judge and he said it was perfectly legal and a SPA Trust is not included in bankruptcy. I still have a home to show for it."
How are sole propietorships taxed?
Sole proprietors must report all business income and losses on their personal tax returns. The IRS calls this "pass-through" taxation because the business profits and loss pass through the business to the personal tax return.
People in Ghana are permitted to start their own business and make a personal profit This is because?
Ghana has no exports
