If you are thinking about a Chapter 11 solution, you have to be aware of certain facts right from the beginning.
Chapter 11 is not the simple method, and in certain cases will not safeguard your personal assets. So get a complete knowledge of this prior to opting for this decision.
A common myth is that business debt just belongs to the business. While this may be right in certain cases, it is not right in most other instances. The personal assets of the owner, partner(s) can be considered to belong to the business and can be liquidated if the court desires.
In case of a corporation, then the business and its assets will be included under your bankruptcy clauses. In case of a sole proprietor or partnership business then it is quite likely that your personal assets would be looked into for likely inclusion in case any bankruptcy filing takes place. For a partnership business,
With plenty of material on the topic, it is essential that any business searching for a debt solution has a total knowledge of the implications of these steps on their personal and family assets.
You can get a free consultation with an expert business bankruptcy attorney. It should be looked into as soon as possible. A free consultation will be given without any commitment, and will be private and confidential.
If you are not using the services of a bankruptcy specialist then, it take a look at other alternatives to give you some kind of help during this period, including recommended bankruptcy filing software.
The key is to do carry out a lot of research and ensure that you understand the questions on the forms provided.