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== == 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.

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โˆ™ 2008-05-11 15:22:57
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Q: 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?
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Related questions

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.

What are the benefits from soleproprietership partnership and corportations?

I would assume that a sole proprieter can file bankruptcy ,because they own there business. It's not like a partnership where two people have decided to go into business together and then then one decides to go file bankruptcy. It doesn't work that way! If a partnership files for bankruptcy then there should be an agreement between the two of them that the business is failing .

Why is Donne two fools?

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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.

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.

Why did Kira Plastinina go out of business?

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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."

Is Daniel Radcliffe an alcoholic?

If he is, it's his personal business. If not, it's his personal business. He may be having a drink right now. He may even be in a recovery programme that respects his anonymity. Because that would help him in his life.

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.

What are the six main areas of business operations that the government regulates?

What are the six main areas of business operations that the government regulates? As a sole proprietor or a partner, the income your business earns is considered your personal income. As a result, the business income is taxed at your personal tax rate. It is doubled when you are a self-employed business owner because you are considered both employer and employee. It is different for a corporation because you pay personal income tax based on the salary you earn and other income derived from the business. In addition, the shareholders pay personal income tax on salaries or dividends. There are severe penalties for failure to file and pay income taxes.

People in Ghana are permitted to start their own business and make a personal profit This is because?

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How much does Jaafar Jackson weigh?

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Why did Washington Mutual apply for bankruptcy?

Washington Mutual applied for bankruptcy because it had almost $8 million in debt because of a problem with the FDIC.

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A business should get commercial liability insurance because it protect the company from litigation costs. Litigation cost can drain a company cash reserves in a heartbeat of cause bankruptcy.

I believe she is upset because I told her that I had purchased a personal gift for you not an office gift?

If she is upset that you gave her a personal gift rather than an office gift, that indicates that she does not want to have a personal relationship with you, just a business relationship.

For a small business, what are the benefits of opening a business checking account rather than using a personal checking account?

There are several benefits from opening and maintaining a business checking account rather than using your personal checking account. When you use a business checking account you are segregating your business funds from your personal funds, thus creating better organization for your business. Also, having the business checking account will help at tax time because all your business transactions will be within the business checking account and there will be no need to sort through your personal transactions. Finally, the business checking account will allow you to use a taxpayer identification number (TIN) so the funds can legally be owned by your business, instead of using your social security number on the checking account. For a small business, opening a business checking account allows you to get more interests. In addition, transactions are processed faster compared to a personal account.

Can you be evicted from your rental appartment when you are in bankruptcy?

Yes you can, but not simply because you are in bankruptcy. Rent is not an extension of credit. So bankruptcy is not an issue with regard to landlord and tenant issues.

When do you need to search out a bankruptcy lawyer?

While you're filing for bankruptcy you may want a bankruptcy lawyer, because it can be very confusing at times and they will be extremely helpful.

Why was Mexico in bankruptcy?

because your mom farted

A person has a judgment but files for bankruptcy can bankruptcy void the judgment of an earlier date in WA state?

Bankruptcy does not void the judgment. It simply makes it noncollectable because it was discharged in the bankruptcy like any other debt.

Am I legally allowed to refinance my home mortgage after filing bankruptcy?

You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.