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Paul K, Esq.
Paul K, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 141
Experience:  10 years Exp., Great customer service, Prompt responses.
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can , a business single business take a bankruptcy without

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can , a business single business take a bankruptcy without effecting other business interest ?

Paul K, Esq. : Hello, my name is XXXXX XXXXX I would love to assist you. Give me a moment to research your issue and I will answer promptly.
Paul K, Esq. : This issue is very specific to the situation, as many things CAN be effected.
Paul K, Esq. : Can you provide some more detail and I would be glad to assist.
Paul K, Esq. : For example, business assets can be affected, business debts are definitely affected
Paul K, Esq. : Business owners usually are not affected, but can be under certain circumstances.
Paul K, Esq. : If you can provide more details I can help. I will be on and off throughout the day and evening and can assist you further.
Paul K, Esq. : Sometimes this takes a little back and forth until your answer is completely resolved, so be patient and we can get your issues all cleared up.

Alright, i have a business that is not profitable for many month's now and am in a contract with the mcdonalds corp. and a fuel supplier that has a contract ,i have other businesses that i do not want to be effective nor myself by a bankruptcy but i cant continue to pour money into a black hole and it will start to effect my other interest ,it was suggested that i could bankrupt on just this business .

Paul K, Esq. : Are there multiple businesses, or just one?
Paul K, Esq. : If just one, you need to file a Ch 11 case to keep it running.
Paul K, Esq. : If there are more than one, and you want to close one and keep the others running, you can file a Ch 7 for the one you want to close.
Paul K, Esq. : You cannot file a Ch 7 on a business, however, and keep it running.
Paul K, Esq. : So, if it is one business and you want to keep some contracts, you need to do a Ch 11.
Paul K, Esq. : It is an unfortunate situation when your business is losing money.
Paul K, Esq. : It is a tough decision to close or try to hang on.
Paul K, Esq. : Let me know about the number of businesses and I can further advise from there.

It is just one store and will be closed.

Paul K, Esq. :

Ok, then you can file a Chapter 7

Paul K, Esq. :

for the business.

Paul K, Esq. :

You do not have to file personally unless you personally guaranteed any of the debts

Paul K, Esq. :

If you did not personally guarantee, then you do not have to file and the business filing wont affect your credit.

Paul K, Esq. :

If you have more questions, be sure to let me know. Also dont forget to provide a positive rating!!! Thanks and have a great week!

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