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Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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need to go chapter 7 with business but I want to start over

Resolved Question:

need to go chapter 7 with business but I want to start over with new name and not lose equipment that I currently own what needs to be done.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.

So sorry to hear of your dilemna. I will strive to provide you with legal information to assist you.

I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

Unfortunately all assets owned by the business would be included in a chapter 7 bankruptcy. The assets would be subject to liquidation by the bankruptcy trustee for the benefit of creditors. However, assets that are owned by you personally would typically not be included in the business bankruptcy

I hope that this helps.

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