Will I lose my business if I file for bankruptcy?

Asked on February 12, 2015 under Bankruptcy Law, Illinois

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

Thee is not enough information to answer your qustion. Critical issues or facts, which will affect what happens, include:

1) Is the business a sole proprietorship, a partnership, an LLC, or a corporation?

2) If an LLC or corporation, are you the sole member or shareholder? If not the sole member or shareholder, a majority owner?

3) What kind of a bankruptcy are you filing: Chapter 7 (liquidation) or Chapter 13 (repayment plan)?

4) What are your other assets?

5) What is the value of the business and its assets, and can they be easily liquidated or their value realized?

Bankruptcy is a complex topic. You are advised to collect all relevant information pertaining to your debts, your assets, and your business and consult with experienced bankruptcy counsel.


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