It absolutely depends on the business and the bankruptcy trustee.

I am aware of the personal exemption limitations but was wondering what if I own a small business? Would that affect the petition? is there any chance of losing the establishment? Would the trustee order to either sell or liquidate it?

1 Answers
Votes: 
-2 votes
+
Vote up!
-
Vote down!

It absolutely depends on the business and the bankruptcy trustee. If the business is a profitable one, you need to list it among your assets while submitting petition. However, if it’s not a profitable one, need not required.


Ask Question

Waterfall approach to debt free ™

Legal debt relief methodology that works based on your financial conditions. Learn more »

BBB-A--Rating