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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