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If you own a small business with its own tax id number is that business included in a chapter 7 personal bankruptcy?
Wiki User
∙ 15y ago
Well no to the degree the business has nothing to do with your personal BK...it makes no difference to it.
However, your personal ownership of the business (just like if you invested/owned stock in any company and it had value), may well become something that the creditors would want to pay your personal debts. And they certainly would at least want to see that you didn't hide any personal assets under the name of the business...like the business owns the cars and the boat and the vacation house....and has undistributed earnings...don't laugh - many people try this).
Wiki User
∙ 15y ago
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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.
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.
Can a husband file for personal bankruptcy and not his spouse?
YES, but joint assets will be included in the filer's bankruptcy, and other assets and payments to other debt might be included depending on actions involving them in the previous 2 years. An excellent book for a perspective on filing chapter 7 or chapter 13 bankruptcy, with description of key criteria: "The New Bankruptcy, will it work for You?", 3rd edition, by Stephen Elias, published in 2009 by Nolo; found in the Colorado Springs public library at 346.078 E42N (Dewey decimal system)
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?
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.
Can you pay your car loan off while its included in your bankruptcy?
If you are in a Chapter 13 plan, you have to get permission to pay off a vehicle or sell a vehicle that is included in your plan.
When filing Chapter 7 bankruptcy should a car that is not paid off be included on the schedule of personal property?
no
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 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.
Can medical bill included in a chapter 7 bankruptcy?
yes it is
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.
Can college debt be included in a bankruptcy?
No. Educational loans will remain with your during and after the bankruptcy is completed. This holds true regardless of whether you decide to file for Chapter 7 or Chapter 13 bankruptcy.
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.
