Right procedures to file Business Bankruptcy?

**jrod31** · 07-13-2007 10:02 PM

Has anybody ever filed bankruptcy for their business?

**Paint and Air Sportz** · 07-13-2007 10:03 PM

Thats one thing you deffiantly donbt want to ask online strangers, contact a lawyer.

**Unreal030** · 07-13-2007 11:27 PM

Agreed, contact a lawyer, if this is in regards to you...im sorry = (

**radreality** · 07-13-2007 11:49 PM

definitely get legal counsel. Are you in the US? a couple years ago the bankrutpcy laws changed, its a lot harder to do it now without losing everything you have, business or personal (depending on how much you owe). Make sure you get a good attorney because you are going to need one.

______________________________
Robert Falk
Business Developer / Investor
Self Help & Success Forum

**jrod31** · 07-14-2007 01:54 AM

Its not actually me, Its a good friend of mine, He's going through some tuff time in his business. I thought that if you were a corporation you were not held for liable for nothing, unless you signed as a guarantee.

**SsZERO** · 07-14-2007 04:12 AM

Well first of all it depends on what he wants to do. Chapter 7, which is a discharge of debt, or Chapter 11, restructuring of debt which is repaid under revised terms. In order to use the corporation as a shield to protect his personal assets, he will need to clearly show the debt was used for the business. Like everyone else said, talk to a lawyer on this one.