IF I OWN A BUSINESS, HOW DOES THAT AFFECT MY BANKRUPTCY?

Many clients have some ownership in a small business that needs to be addressed during the bankruptcy process.  In a chapter 7 bankruptcy, any assets of the business may be at risk for liquidation if the debtor is a 100% owner of the business.  These assets can include equipment, inventory, accounts receivable, etc.  Also, the most recent tax return of the business must be provided to the trustee for review.  Typically, if there are no significant assets of the business, the company will not be affected by a personal bankruptcy and the business can continue to operate after the proceeding.

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HOW LONG DOES THE BANKRUPTCY PROCESS TAKE?

The length of your bankruptcy is going to depend on which chapter you file and in which jurisdiction your petition is filed.  Obviously, because a chapter 13 bankruptcy is a repayment plan it is going to take longer than a chapter 7, which is a simple discharge.  Typically, a chapter 7 bankruptcy will take 3-4 months to complete, however, it can take slightly longer if filed in Cook County because of the amount of cases filed in that jurisdiction.  A chapter 13 bankruptcy will usually last a minimum of 38 months if completed by the debtor, but can take up to 62-64 months for a longer repayment plan.  As noted earlier, the repayment plan will be based on the income and assets of the debtor.

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