Category: Small Business

Business owner bankruptcy

What Happens to My Small Business if I File for Bankruptcy?

I am often asked, “What happens to my small business if I file for bankruptcy?” And the answer I always give is, “Well, it depends on a number of factors.”

These factors include the chapter under which a business owner files their personal bankrupty, whether or not the business has valuable assets, whether the business has debts, whether the business has pledged its assets to its creditors, and whether the business has enough ongoing revenues to pay its monthly expenses.

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