Can I Lose My Small Business if I File for Personal Bankruptcy?
Filing for personal bankruptcy is an extremely complex process, and it is essential for anyone considering it to speak with an experienced bankruptcy lawyer about the different types of bankruptcy and their effects. For small business owners in the Oak Park area, the prospect of filing for consumer bankruptcy can raise many questions and concerns about how a personal Chapter 7 or Chapter 13 bankruptcy filing will affect the business. If you are wondering about the risk of losing your small business if you file for personal bankruptcy, there is no simple answer to the question based on existing bankruptcy law . Rather, the answer will depend upon a few key factors, including the type of business structure you are using for your small business and the type of bankruptcy you are considering. How is Your Small Business Structured? When you are considering whether a personal bankruptcy filing could result in you losing your small business or being forced to close the doors of your small ...