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If you file business bankruptcy do you also file personal bankruptcy?
Wiki User
∙ 12y ago
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.
Wiki User
∙ 13y ago
Wiki User
∙ 12y agoIf your business is a separate entity, no.
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What is personal Bankruptcy?
It is when an indivdual (or married couple) file for bankruptcy rather than a business or corporation.
If you file bankruptcy for your business will they take your personal tax refund?
If your business is a separate corporation or entity, no.
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 kind of services do business bankruptcy lawyers offer?
A business bankruptcy lawyer can guide your business through the bankruptcy process, and ensure that you can maintain as much of your assets as possible while undergoing the bankruptcy process.
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.
If you file Bankruptcy on your business can they take your personal assets?
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.
Should you start a new business if im going to file chapter 7 bankruptcy?
can I start a new business if I'm going to file chapter 7 on my personal debt?
Can a business file for chapter 7 without a lawyer?
If the business is a sole proprietorship, yes, since the bankruptcy is personal. For corporations, LLPs and LLCs, no.
Did suze orman file personal bankruptcy?
no
Is the debt from a personal lawsuit removed when you file for bankruptcy?
no
Can you file personal bankruptcy and get a law license?
Yes
How do you file for personal bankruptcy?
Seek advice from a professional. Your local bankruptcy attorney is there to help you.
