Are my business’s debts eligible for discharge?
Businesses are generally treated differently that personal bankruptcies by the courts and debts will not be eligible for discharge through the process. The exception to this rule is in the case of a sole proprietorship, in which the assets and debts of the individual are identical to the assets and debts of the company. In a sole proprietorship, the court will view all personal and business assets and debts as part of the filer’s holdings and make deductions and discharges based on these combined amounts.
If you have questions about Chapter 7 bankruptcy for small businesses, contact the bankruptcy lawyers at the Law Office of Russell Van Beustring, P.C., by calling 713-973-6650 today to discuss your situation.