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We own a small business. Some things are in our business name and some personal. If we bankrupt, how does that effect us?

What is the best way to handle bankruptcy when you own a small business and some things are in your business name and some in your personal.

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Attorney answers (3)

Reputation Level 20
No one can know what the record is in the case because online we cannot find out any details

You need a lawyer. Check with a lawyer in your locale to discuss more of the details.

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Good luck to you.

God bless.

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2 people marked this answer as good

Reputation Level 14
Your question is way too broad, since the answer depends on the details of your case. There may be loan guarantees involved, suppliers, etc.

Discuss this question with your bankruptcy attorney. He or she can review the details and let you know about how your business might or might not be impacted.

Reputation Level 16
Without knowing what debts you and the business have, which ones you guaranteed, what assets you have, and other factors there is no way to answer you. You need to see a lawyer. I'm in your area, so feel free to contact my office with more details.

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