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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have 50,000.00 in debt w/no business income coming in.

Customer Question

I have 50,000.00 in debt w/no business income coming in. I am a corporation. Do I close business - bankrupt ???
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
What state are you located in? Are you personally liable on the debt as well?
Customer: replied 6 years ago.

Michigan

It was a expense for products that were sold through tne corporation

Expert:  Ellen replied 6 years ago.
Hello,


Thank you for your question.

You can either close the business or file a chapter 7 bankruptcy. A chapter 7 bankruptcy would provide for an orderly liquidation of the business assets that would typically be more costly than simply stopping operations.

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