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If you file BK and the business is just that - a sole proprietorship...you doing business as "a business name"...they are all your personal debts. If it is incorporated, a Corporation, or several other forms of legal entity - you may not have any obligation for any of the debts in that entities name, unless of course, you were required to sign for them personally too...which in small or newer businesses of any type is common.
What else can I help you with?
If I file bankruptcy can I add my mother's creditor with my bankruptcy?
Just because she is your mother, it does not mean that you are automatically liable for her debts. When you file for bankruptcy, you can include only those debts which you are liable either personally or as a co-signor or joint debts. If you are not a co-signor and you include your mother debt in your bankruptcy, you will be committing fraud and your petition will be dismissed. Once a bankruptcy petition is dismissed for fraud, there may be restrictions on future filings. Your mother will continue to be liable for the debt. If she is unable to pay the debt, she can file for bankruptcy to discharge the debt. For an official opinion, it is advised you seek legal counsel.
Can you file for bankruptcy if you have a civil judgment for contractually liable debt in California?
Yes, you can file for bankruptcy in California even if you have a civil judgment for contractually liable debt. Filing for bankruptcy can potentially discharge or restructure that debt, depending on the type of bankruptcy you file (Chapter 7 or Chapter 13). However, certain debts may not be dischargeable, and it's important to consult with a bankruptcy attorney to understand the implications of your specific situation.
Can a spouce file for bk?
Yes, one spouse (rather than the couple) can file for bankruptcy when they have significant individual debts. Generally, this action by one spouse will not negatively affect the financial situation of the other spouse, nor will they be responsible for the debts of their spouse. It is important to note that those debts in which the couple is jointly and severally liable for will remain with the spouse that did not file for bankruptcy.
If I owe criminal restitution fees--failure to pay on civic traffic charges which turned them into criminal charges--can a bankruptcy discharge those debts?
no, you are still liable for the charges, no matter if you file for bankruptcy.
Can a married couple file bankruptcy separately?
In most states filing for divorce is not going to get the other spouse out of helping to pay bankruptcy debts. Many states have a communal property law that states both spouses are liable for debts, both during marriage and during a divorce.
Can you file bankruptcy on your deceased spouses debts?
No.
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.
What happens to your ex partners half of debt?
If you are filing for bankruptcy by yourself (not as a couple) then you are only able to file regarding your personal debts and all joint obligations will remain outstanding and you will be liable for paying them. Your partners debts will remain with him.
Does mounting debts bankrupt a company?
Yes, mounting debts can lead to a company’s bankruptcy if it becomes unable to meet its financial obligations. When a company's liabilities exceed its assets, or it fails to generate sufficient cash flow to service its debts, it may be forced to file for bankruptcy protection. This process allows the company to reorganize its debts or liquidate assets to pay creditors. Ultimately, the impact of mounting debts depends on the company's management, financial health, and market conditions.
Can you file for bankruptcy with a repo on your credit?
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
Can a man file bankruptcy without his wife's involvement and if he does how will she be affected?
A husband (or wife) may file for bankruptcy separate from his or her spouse. Technically speaking, this should have no effect on the other spouse as they are filing bankruptcy for their separate debts and you will not be held responsible for their debts nor will it be reflected on your credit report, etc. It is important to note that those debts you held jointly will remain with you (the spouse that did not file for 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.
