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When You Might Be Personally Liable for Corporate Debt
Common ways an owner of a corporation or an LLC might become personally liable for the business’s debts. If you are personally liable for some or all of your business debts, you will have to file a personal bankruptcy, rather than a business bankruptcy, to rid yourself of these debts.
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Will You Have to Close Your Business if You File for Personal Bankruptcy?
You may have to shut your business down if you file for Chapter 7 personal bankruptcy. However, if you own an LLC or corporation with others, you may be able to keep your doors open, even if you are personally liable for a significant portion of its debt.
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Should I File for Chapter 11 or Chapter 13 Bankruptcy?
Both Chapter 11 and Chapter 13 bankruptcy provide a way for people struggling with debt to keep their property by reorganizing their debt. Chapter 11 bankruptcy is generally more popular with businesses, but it can be a good choice for certain individuals, especially those with extremely large amounts of debt. For most individuals, however, Chapter 13 bankruptcy is often cheaper and easier.
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Small Business Owners: Chapter 13 vs. Chapter 7 Bankruptcy
For most small business owners, Chapter 7 bankruptcy is a better option. But in some situations, Chapter 13 bankruptcy is the way to go.
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The Differences Between Personal and Corporate Bankruptcy
Bankruptcy is a common tool used by both individuals and businesses in order for them to get rid of debt that will likely continue to go unpaid, and to allow for a clean financial slate. However, personal bankruptcy and business bankruptcy are not the same things and have different rules and chapters.
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Small Business Bankruptcy: Part 1
Part one of a two part series on Bankruptcy for Small Business Owners
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Small Business Bankruptcy: Part 2
Part two of a two part series on Bankruptcy for Small Business Owners
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What Is a Plan of Reorganization in Chapter 11 Bankruptcy?
Chapter 11 bankruptcy can be a good option for debtors who want to reorganize their debt in order to keep their assets. A key part of any Chapter 11 case is the debtor’s plan of reorganization. The plan of reorganization outlines how the debtor will pay back creditors over time. In order to move forward
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Cash Collateral in Bankruptcy Cases
Cash collateral is a term you often hear in connection with a business bankruptcy, such as a reorganization or restructuring under Chapter 11 bankruptcy.
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Chapter 7 Bankruptcy for Partnerships
A partnership is allowed to file for Chapter 7 bankruptcy. However, depending on the type of partnership and the value of the partnership assets, filing for Chapter 7 may not be a good solution for the partners. In fact, there are several big reasons why Chapter 7 is often not helpful to partnerships.
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Chapter 7 Bankruptcy for Corporations and LLCs
Filing for business bankruptcy means someone else steps in to liquidate your business’s assets and settle its debts (in this case, the bankruptcy trustee).
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Is Your Spouse Liable for Your Business Debts?
Your spouse’s personal liability for your business debts could also affect your decision about filing for Chapter 7 personal bankruptcy. For instance, if your spouse is liable for your business debts and has assets or income to lose, it might make sense for both of you to file for personal bankruptcy.