Expert: Terry Leeders - 6/10/2008

Question
I recently opened up my own business a year ago, and my business is growing. My question is i have personal debt not related to the business, that i am trying to find a debt consolidation program. If i were to file personal bankruptcy, would i lose my business?

Answer
IF you are not incorporated or have an LLC, then the business debts are also your debts and would be listed along with the business assets in the bankruptcy.  You are able to stay in business and still file bankruptcy.  Since you and the company are intertwined, it would be best to meet with a local bankruptcy attorney to help guide you to the correct chapter to have the least impact on the business.