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Bankruptcy personal and business?

Bankruptcy personal and business? Topic: Bankruptcy personal and business?
June 20, 2019 / By Carry
Question: I had to file due to a family health issue. Now with me being new to the world of owners ship of a business I have made alot of mistakes. I have placed a plan into affect to fix my mistakes, but I filed BK personal a few years ago can i file on the company? Or does anyone have anyother suggestions on getting the suppliers my back until i can repay them
Best Answer

Best Answers: Bankruptcy personal and business?

Angelle Angelle | 4 days ago
You file as a company. However, if you are the sole proprietary owner, you could have a problem. Get legal counsel
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Angelle Originally Answered: Small business- bankruptcy or just close down?
If you have loans that are tied into the business and you close and don't pay them....creditors can sue you and get judgements against you attaching leins on any assets you own. Best advice is to contact a local bk attorney that would handle both personal and business bankruptcies. Most will see you on a free first consultation. Ask them what type of information you will need to bring with you for the business. They will want to see you income if you paid yourself, assets you have, taxes for the last 4 years and all of your debts. Anything tied into the business that was personal will fall on the other partner if you declare bankruptcy, but an attorney will be able to give you more detailed information. Good Luck!
Angelle Originally Answered: Small business- bankruptcy or just close down?
If you had a corporation, you may have a chance with the bankruptcy, however speak to a specialist in that area. If you can avoid the bankruptcy it would be best, since that stays on your record and can affect many areas of your life.
Angelle Originally Answered: Small business- bankruptcy or just close down?
If you are struggling with your business debt problem the best option for you is to seek an advice from the experts before filing for bankruptcy.

Willis Willis
I’m a corporate insolvency accountant in Australia. There are so many options available to you, email me on [email protected], the sooner you contact me the more options you have. I can explain Deed of company arrangements, Voluntary Liquidations, Administrations in an easy to understand way, free of charge, If your in Sydney we can even meet up for lunch.
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Willis Originally Answered: How do lease or rent a building for a business on bankruptcy? is it even possible?
a; have your friend write a biz plan b; your friend does not have to live in the boonies. I owned a biz 27 miles from my home and after 6 mo, I gave it away! c; have him seek the use of someone's biz space in the evening. [if someone lived on a slope road near an icy area and his shop was awash in sludge and water frequently, he could solve his problem by M O V I N G.]
Willis Originally Answered: How do lease or rent a building for a business on bankruptcy? is it even possible?
Usually if a person seeks to rent a building with a bankruptcy on record, then the landlord will often require a higher security deposit or co-signer. I do not recommend co-signing. Never ever do that. Your friend may have to accept the fact teaching this group of kids is over.

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