Whether or not you suffer personally from filing bankruptcy to protect your business depends on the chapter you file. If you file chapter 7, you (and the shareholders of your corporation) can lose your stock values if shares are liquidated with the corporation's assets. If you file chapter 13, the shares of the corporation will…
Are you struggling financially in your business? You may have a couple bankruptcy options available to you. Chapter 7 is usually reserved for those companies that are struggling so badly they cannot stay afloat. The business is dissolved, assets are liquidated, and any proceeds from the sale are distributed between shareholders and creditors. Chapter 11…
The US Bankruptcy Code is designed to protect both debtors and creditors. The court will not allow you to pick and choose which debts are worthy of repaying and which are not.
If you're like most small business owners, you opened your doors to provide a service or a product you feel adds value to your customers' lives. You've poured your heart and soul into your work over the years and never considered the day you'd think about closing your doors and cutting your losses. We know.…