Will I lose my business if I file for bankruptcy?

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Will I lose my business if I file for bankruptcy?

Asked on February 12, 2015 under Bankruptcy Law, Illinois


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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