Wednesday, August 13, 2014

If you own a small business with its own tax id number is that business included in a chapter 7 personal bankruptcy?

If you own a small business with its own tax id number is that business included in a chapter 7 personal bankruptcy?
Well no to the degree the business has nothing to do with your personal BK...it makes no difference to it.

However, your personal ownership of the business (just like if you invested/owned stock in any company and it had value), may well become something that the creditors would want to pay your personal debts. And they certainly would at least want to see that you didn't hide any personal assets under the name of the business...like the business owns the cars and the boat and the vacation house....and has undistributed earnings...don't laugh - many people try this).

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