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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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is it possible to use bankrupcy if you had a sole propriety

Resolved Question:

is it possible to use bankrupcy if you had a sole propriety business?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
Yes - you can file a personal Bankruptcy even though you own a sole proprietorship. The business will be treated the same as any other asset you own.
Whether or not you can keep the business if you file a Bankruptcy depends on whether the business can be sold, which usually depends on whether the business can operate without you.

I think this is what you wanted to know. If not, please let me know.
Thank you!
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