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If you had a Chapter 7 bankruptcy in 2003 would your personal credit score and business credit score be separate so that you could obtain funding to open a small business?
Wiki User
∙ 15y ago
A Chapter 7 BK is very tough to see past. Short of waiting the required time period you may work on your business credit separately.
Wiki User
∙ 15y ago
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What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
If you own a small business and you want to file personal chapter 7 on credit card debt do you have to file a business bankruptcy?
This is rather complicated. If your personal and business expenses were totally separate and there was no commingling of assets or debts, than probably not. Your business will, obviously be included in the disclosure of your assets. You should explore this throughtly with legal counsel in order to protect all your property and be certain you claim all your exemptions.
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
What is the bankruptcy differences?
The difference between the types of bankruptcies have mainly to do with whether the filing is for an individual or a business. There are two types of bankruptcy for individuals. Those are Chapter 7-by far the most commonly filed form of bankruptcy and Chapter 13-which is more of a debt consolidation type of bankruptcy. Both have various positives and negatives. The article below goes into the specifics of Chapter 7 vs Chapter 13.
Does a personal chapter 7 bankruptcy cover a sole proprietership dba business as well?
Yes, a personal chapter 7 bankruptcy covers a sole proprietership (dba) business as well. A sole-proprietorship is simply another name a debtor uses to do business. Since it is not a separate entity like a corporation or LLC, then a person who files an individual bankruptcy petition normally just lists the business name as a "dba" on the front page of his or her Voluntary Petition, and then the debts in the debtor's name and the debts in the dba name are all listed in Schedules D, E, and F (as is applicable). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Yes, a personal chapter 7 bankruptcy covers a sole proprietership (dba) business as well. A sole-proprietorship is simply another name a debtor uses to do business. Since it is not a separate entity like a corporation or LLC, then a person who files an individual bankruptcy petition normally just lists the business name as a "dba" on the front page of his or her Voluntary Petition, and then the debts in the debtor's name and the debts in the dba name are all listed in Schedules D, E, and F (as is applicable). Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
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.
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.
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.
What protection does Chapter 11 Bankruptcy offer?
Chapter 11 is the bankruptcy code issued to a business who files for bankruptcy. This type of bankruptcy protects a business and will allow it to get running again. If a business fails and applies for chapter 7, they must sell everything and give the proceeds to creditors. A person on chapter 11 does not have to do this.
How do you know when your chapter 13 bankruptcy is over?
You will receive a letter that your bankruptcy is discharged. You can also call the bankruptcy court or the trustee and find out if it is final.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
Can you get a personal loan with an open chapter 7 bankruptcy?
maybe
If you own a small business and you want to file personal chapter 7 on credit card debt do you have to file a business bankruptcy?
This is rather complicated. If your personal and business expenses were totally separate and there was no commingling of assets or debts, than probably not. Your business will, obviously be included in the disclosure of your assets. You should explore this throughtly with legal counsel in order to protect all your property and be certain you claim all your exemptions.
What is the definition of Chapter 11 bankruptcy?
To somewhat oversimplify: Chapter 11 is "reorganization" for Corporations or a business, & Chapter 13 is a very similar thing for people. Debts and life are paid off/down and things re-organized. Chapter 7 is flat-out, busted-broke bankruptcy - out of business, not a penny left.
Difference of chapter 11 and chapter 7?
In chapter 11 bankruptcy, a business (usually) is trying to stay open by modifying its debts and getting rid of some. In a chapter 7 bankruptcy, a business is liquidating itself and usually has to shut down as a result.
Your Wife an you jointly filed chapter 13 bankruptcy if you separate will the case be dismissed?
No
