For those looking to eliminate debts and seek financial stability, bankruptcy can be very helpful. Particularly if you are a small business owner, a Chapter 7 bankruptcy may be worth considering. There are a few key facts that you should know about a Chapter 7 bankruptcy so that you may get the most out of it. Business and individual People can file a Chapter 7 bankruptcy for personal purposes, or for their businesses. Therefore, the type of business is an important consideration when determining how to file. For a sole proprietorship, the business and business owner are one, so a personal filing covers the individual and business. On the other hand, a limited liability company separates the person and business, so to dissolve all responsibility to the company, the owner would have to file a personal and business bankruptcy. Requirements The different bankruptcy types have their own set requirements. Before embarking upon the filing process, it would…
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