If I filed personal bankruptcy 2 years ago and I am failing in the business I own, can I now file for a business bankruptcy?

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If I filed personal bankruptcy 2 years ago and I am failing in the business I own, can I now file for a business bankruptcy?

Asked on July 27, 2011 Ohio

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

How the business is held - is it an LLC or a personal corporation or a sole proprietorship - and how it was treated in the personal bankruptcy will determine how you can proceed at this stage of the game. Generally speaking, if the personal and business matters were kept properly separated then you should be able to file for bankruptcy on behalf of the business without it effecting you on a personal level (at least to some extent).  Hopefully you did not sign personally on any matters such as equipment rentals, leases, etc., other wise these debts will continue to haunt you and you can not now file personal bankruptcy to discharge them.  Get help in your area.  Good luck.


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