i have a business with other partner we have to fill bankcruptcy together or can do seprateand mean time I have divorce case in court final trial in november but up to november I cannot survive do I file chater7 business aswell as personel too
Your question is whether you should file bankruptcy when you have a 40% business partner (business bk) and a divorce in process (personal bk). While the question cannot entirely be answered in this forum, it looks as if both you and your business could benefit from a pair of Chapter 7 filings.
Chapter 7 liquidation can be used by both individuals and businesses to wipe out debts that cannot reasonably be repaid, or with respect to which repayment would crowd out the possibility of making progress in other areas. In other words, when making further payments would be a matter of throwing good money after bad, Chapter 7 liquidation is an ideal way of putting a stop to the debts and simply moving on.
Since the new Bankruptcy law was enacted in 2005 Chapter 7 has become more involved for individuals and companies. Contact a competent bankruptcy lawyer in your area to find out if you and your business qualify. I notice you are in DuPage County so you can also call our office to find out more or set up an appointment.
I hope this information has been helpful. Good luck in your future endeavors.
