General Partnership - both partners filing - Bankruptcy Forum Chapter 7 13 341 Meeting Credit Collections

kmiller

Junior Member

Bankruptcy Newbie

Joined: Nov 2010

Posts: 13

State: California
#1

General Partnership - both partners filing

01-07-2011, 09:55 AM

We have a general partnership in California. Both partners are filing chapter 7 at the same time. Do we also need to file as a business or will it be covered in our personal bk?
Tags: california, chapter 7, general partnership
HHM

Senior Member

Bankruptcy Wizard

Joined: Dec 2004

Posts: 14347

State: Private
#2

01-07-2011, 11:37 AM

It should be covered in the BK. I think (don't quote me, but I think) the partnership automatically terminates upon the filing of BK by one or all partners. As such, any issues you have as a "business" will be rolled into each personal BK.
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frogger

Senior Member

Bankruptcy Mentor

Joined: Apr 2009

Posts: 4142

State: Private
#3

01-07-2011, 11:45 AM

Originally posted by HHM View Post

I think (don't quote me, but I think) the partnership automatically terminates upon the filing of BK by one or all partners.

Correct.

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