Can you loose your business when reporting bankruptcy chapter 7?
I run two restaurant business. Now, recently, I closed one of the business that has a 5 year remaining lease resulting 0,000. In order to file chapter 7, do I must give up ownership in my other restaurant? Thanks
Yes, a business Ch 7 means liquidation of the business.
If you want to file a business bankruptcy without going out of business, Ch 11 allows for restructuring of debt while remaining open.
See a bankruptcy attorney for more info, and when you make the initial appointment, ASK whether the attorney is experienced with both Ch 7 and Ch 11 business bankruptcies. Some only do consumer bankruptcies (Ch 7 and Ch 13).
July 13th, 2010 at 2:53 am