Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
1) The business format does not make a difference for a Bankruptcy filing, unless the format can in some way affect the market value, which is the most important factor.
2) Yes - the debtor must report any companies he has an interest in whether or not those companies are profitable, and even though the company has just stated.
3) The Bankruptcy filing can prevent the sale of a business if the filing occurs before the property is transferred to the new owner, which is always after the auction. In other words, if the Bankrutpcy is filed at any point before the auction, it will prevent - at least temporarily - the sale.
4) The Credit Counseling Certificate must be filed with the Bankrutpcy. It cannot be filed after the Bankruptcy is filed. This course can be taken online or by phone, and takes around one hour, so any debtor should be able to take it before filing.
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