Debt and Bankruptcy
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If you file business bankruptcy do you also file personal bankruptcy?


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2011-09-12 21:51:50
2011-09-12 21:51:50

If your business is a separate entity, no.

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Yes, a bankruptcy lawyer can assist with personal and business bankruptcies if you file for Chapter 7 bankruptcy.

It is when an indivdual (or married couple) file for bankruptcy rather than a business or corporation.

If your business is a separate corporation or entity, no.

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.

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.

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.

can I start a new business if I'm going to file chapter 7 on my personal debt?

If the business is a sole proprietorship, yes, since the bankruptcy is personal. For corporations, LLPs and LLCs, no.

Business bankruptcy? The other spouse will probably not be liable unless their name appears as an officer of the company. Personal bankruptcy? Yes, it will probably affect the other spouse.

I suppose you could, but even if you did manage to get the financing together to open another business, any profits from it would be subject to seizure by the court and the bankruptcy trustee to pay off the bankruptcy judgement. There is no bankruptcy "judgment." If the bankruptcy is over and you have your discharge, you can open a business, and any money you make is yours. Providing the first bankuptcy is discharged.

Seek advice from a professional. Your local bankruptcy attorney is there to help you.

Yes. Many personal assets are protected in a bankruptcy.

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.

== == 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.

You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.

Do I have to file personal taxes if I own a small LLC? Or just file business taxes.

It is the Corporation that files. If the department, division or whatever you refer to is also incorporated, (actually a subsidiary then), in most circumstances it could.

If your business was a sole proprietorship, you have unlimited liability for any debt your business holds, and therefore your business debt is your personal debt. If your business had a form of limited liability, particularly if it was an LLC, this cannot happen.

If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.

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.

No, a creditor is required to file a claim if seeking payment, otherwise that claim is considered waived. So in this case. if there was no claim, then it was waived and the debt discharged. But even if it was filed, it would have been discharged in the business BK.

You can file again but you can only file once every seven years.

No you can not file bankruptcy on anything that is court ordered.CAN YOU FILE BANKRUPTCY ON RESTITUTION?

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