When fililing for business bankrupcy does is there any disadvantages weather your a sole proprieter or filed as an S corp?

There is so much information involved in giving advice to potential business bankrupty debtors, that it is not possible to answer your question. Business bankruptcy can either be Chapter 7 or Chapter 13. There are also issues as to what your objectives are. For example, whether you want to dissolve the business or re-organize. There are also issues as to whether there may be personal guarantees on business debt.

I urge you to consult with a qualified bankruptcy attorney in your home state.

For more information about business bankruptcy and Chapter 11, please click on the link below:

Another item to consider is that a Chapter 7 for a corporation does not discharge the debts. It just liquidates the assets and terminates the corporation. As an individual, the debts are discharged, and you of course aren't terminated.