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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2900
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I am considering filing personal bankruptcy, however my husband

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I am considering filing personal bankruptcy, however my husband and I own two small business retail LLC's (our sole sources of income) and are wondering what would happen to these if we file for Chapter 7? Would it be better to file for Chapter 13 instead?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 8 years ago.
Nothing happens to the business. The bankruptcy will discharge any personal liabilities, but the business is still responsible for business debts. The assets/value of the business are assets in the bankruptcy, that you would have to disclose in the case. IF the assets/value is too great, then you may want to look at the chapter 13 to protect it. If the businesses do not have large value, then the 7 may be a good option.
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