I am the owner of a small business as a Sole Proprietor. If my wife and I file Chapter 7, is the business included in the filing?
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Business bankruptcy and personal bankruptcy are 2 seperate entities. I do not believe that you can include business' in personal Ch.7 bankruptcy.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation. -
If the business is a sole proprietorship, then there is no legal distinction between you--as an individual--and the business. So in that regard, yes, if you and your spouse file BK, all the business assets and business debt are included in the BK (i.e. become part of the BK estate) because those assets and debts are "yours", personally.Comment
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