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Do I continue to pay business bills

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  • Do I continue to pay business bills

    I am a general partner of a business and and planning on declaring chapter 7 bankruptcy. We are going to do our very best to keep the business, it is a service business (hairsalon) and we don't have very much inventory. My question is after I declare bankruptcy do I continue to pay our business bills (lease payment, bank note, etc. ) I have considerable credit card debt that is in my name that we have used for the business and I won't continue to pay that. But the loans that are in both of my and my partners name, do I continue to pay? The bank that we have a checking account is the bank that also holds 2 of our business credit cards (one in each of our names), and I have heard of banks freezing bank accounts, is this possible and do we need to change banks?
    Any input would be appreciated.

  • #2
    are you going to list the business or file personal bk? it is LLC a partership or subS corp?

    have you consulted with any attys as yet? if not i would immediately call at least a few and set up some FREE consults before making any decisions.

    you may jeopardize your business and your partner in this case. if your business is still open and you don't pay your suppliers how can your partner continue? can they pay for everything themselves to keep your business open?

    all of this matters. it's really difficult to give you a direct answer on your questions until some of the above is considered.
    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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    • #3
      i will list the business debt that i have personally guaranteed, (credit cards) but we each have a credit card that is in the business name (that we will continue to pay) and we have 2 business loans that are in both of our names dba the business. We have a general partnership. I have not consulted and attorney yet, i have a list and my plan is to start seeing them after the first of the year (we are applying for a sba loan and if we get this we can consolidate everything and not have to declare, but they are being so slow it has been 6 months so far and still now answer). My business is a hair salon and both of us are paid 50% commission based on our work. We also employ 2 other hairdressers. All that we have are the stations in the salon, (I am not sure a trustee could get any money for considering they are 10 years old) Tobee46 thanks for responding so quickly. Maybe this answered some question for you.

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