If I declare personal bankruptcy can i still keep business?

June 8, 2010 4 Comments

MacDaddy1381 asked:


I own a restaurant and it is a C corporation. If i have to declare personal bankruptcy because of credit card debt and i can’t afford my home, what impact does that have on my business? will i get to keep it?

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4 Responses to “If I declare personal bankruptcy can i still keep business?”

  1. mister ed June 11, 2010 at 11:39 am

    everycase is different — and if i learned anything about bk on answers you get a lawyer!!!!

  2. abcdefg June 11, 2010 at 8:14 pm

    i dont think u can keep it. but better to consult an advocate

  3. awftx June 12, 2010 at 3:54 pm

    If your business is in fact “incorparated” or in most cases a limited liability company LLC, then personal bankruptcy shouldn’t have any impact on the business. If it’s a sole ownership, proprietor type business they can and do liquidate the business (the creditors request) for any assets and apply those to your debt. You can obtain all this information in t he initial consultation with the attorney that will be representing you….

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