Are There Any Benefits of Filing Business Bankruptcy?

There are many benefits of filing business bankruptcy. A few include: Asset Protection. Once your bankruptcy petition is filed, your creditors are prohibited from contacting you and must halt all collection efforts. Your assets are protected from seizure, and business equipment and vehicles cannot be repossessed. Debt Reorganization.. You can reorganize your business debts, present…

How Will My Personal Bankruptcy Affect My Business?

If you're not running a sole proprietorship, lawsuits against your business aren't automatically “stayed” by your personal bankruptcy filing. In most instances, a bankruptcy filing, through the power of the automatic stay, halts any lawsuit against you and your business or prevents a threatened lawsuit from being filed in court. But there are a few…