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Can I close my company if I owe money?

Can I close my company if I owe money?
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Answered in 18 minutes by:
3/21/2018
DamienJD
DamienJD, Attorney
Category: Legal
Satisfied Customers: 5,471
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Hello again: My name is ***** ***** I am an attorney. I have helped you on another question.

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Has the company paid all of its taxes? Also, is the company solely owned or are there multiple owners? Lastly are the creditors aware of the potential closing?

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Customer reply replied 5 months ago
Taxes -yes
Only one owner
Creditors not yet

Okay. If you close the business and there are debts outstanding, the creditor can file a claim against you personally. The only way to close a business without the creditors coming after you personally if you are the sole owner is to attempt a workout plan with the creditors or file for bankruptcy to discharge the debts (Chap. 7) or come up with a bankruptcy plan upon an approval of the trustee (Chap.11)

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

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Customer reply replied 5 months ago
I’m filing chapter 13 personally also
Knowing this , I can close the company?

That could possibly work depending on how the business was held by you. If you operate your business as a sole proprietorship, you can take advantage of Chapter 13 by filing a petition on your own behalf. Otherwise, Chapter 13 is not an option you can choose. Also, the debt limit is about $400k in unsecured debt (about $1.5 million in secured debt(, so you could not have debts more than about that amount.

We can discuss this more if you want to do so.

If you have further questions or you need further assistance, just let me know.

If not, please remember to rate my answer between 3 to 5 stars without any additional costs to you. That is how I get credit for answering your question. Best regards.

DamienJD
DamienJD, Attorney
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