When a business is facing overwhelming debt and other major financial issues, a big decision comes before the owner. This is the decision of whether to try to keep the company up and running or bring the business to an end.
As a small business owner who has insurmountable debt, you are considering the drastic step of filing bankruptcy. You have done some research online, and Chapter 7 seems the best fit for your particular circumstances. Of course, you have many questions. The biggest is this: Will you be able to keep your business after you declare Chapter 7 bankruptcy?
It doesn't take much for a person to go from barely getting by to being buried in debt. If you are in this situation, know that you are not alone. In fact, millions of people in this country carry some amount of debt because of events like job loss, unexpected medical bills, massive student loan obligations and even divorce.