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If the business is Incorporated as its' own entity, the owner can file BK personally, and only his interest in the business, but not the business itself, is involved. (None of the debts or assets of the business are involved). Perhaps viewing it this way helps: If you only owned a portion of the shares, like any stockholder of say GM or Ford, that investment/asset would be part of your BK, but, certainly it has no effect on those corporations. The shares of stock would go to a creditor. Obviously, in a small business, where there may be no real value to the stock, especially without the owner operator, after closely reviewing and assuring the corporation has no assets that are really the owners or value attributable to the owner, the court may feel there is no benefit to any creditor by claiming the stock and let it continue.
Or the Business can file BK and it doesn't effect his personal assets, or clear his personal liabilities (and he may have signed for some things of the business personally too).
If it isn't a separate legal entity....than it is just like all other things the person owns. And a personal BK includes everything you own and everything you owe. You do not pick and chose what is included or not. (Some things, while included, may be classified as exempt).
What else can I help you with?
Can a small business owner file for bankruptcy and still protect their assets?
Probably not
If you have a loan with your thrift savings at work do you have to file on it if you file bankruptcy?
You need to include all of your debts in the bankruptcy.
Can you file bankruptcy on a truck repo past due loan?
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
What are the two chapters a business can file bankruptcy under?
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.
What is personal Bankruptcy?
It is when an indivdual (or married couple) file for bankruptcy rather than a business or corporation.
Will the credit of the co-owner but not cosigner of your car be affected if you file bankruptcy?
No, because the co-signor is not file a bankruptcy with you and the creditor will go after the co-signor instead of you.
If you own a business do you need to file a business bankruptcy for the business?
yes and read the fine print
What is the Bankruptcy Code?
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.
Can you file bankruptcy after closing a business and move out of state?
Yes.
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.
If you file business bankruptcy do you also file personal bankruptcy?
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.
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.
