Small Business Debt and Bankruptcy

Posted on October 27, 2011. Filed under: Chapter 13 Bankruptcy, Chapter 7 Bankruptcy |

An excellent article from the website JD Supra about Small Business Bankruptcy and debts.

It is very important to always give complete information to your bankruptcy attorney about who is responsible for the debt of your business.  For example, did you personally sign and guarantee the debt, or did you just sign the debt as a representative of your business ?  Also, it will be very important for your attorney to know the type of your business, for example, is it a corporation, LLC partnership, sole proprietership, or some other type.

If you did not save the notes or other documents you signed with the bank or other lender, you will probably want to get those to bring to your attorney to review when you meet with them.

Also, any contracts or other agreements you have with vendors will be important to provide your attorney. 

Taxes are another type of debt that you may be personally liable for even though they were incurred in the course of a business.

A careful review of all of these issues and more will result in a better determination of your options.

Kentucky Bankruptcy Attorney John Rogers

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