Legal Question in Bankruptcy in California

Re: Ch 7 Bancrupty - Busuiness Assets

It depends partially on whether your business is a corporation, partnership, or a dba, but either your interest in the business is an asset, or the assets themselves are your assets which would either need to be exempted in a bankruptcy case or you would lose them. It all depends on the valuations as to whether or not you have sufficient exemptions under california law to protect them (or your interest in them).

Re: Ch 7 Bancrupty - Busuiness Assets

You will need to consult with a local bankruptcy attorney before you can reach a conclusion as to this question. There are a lot of factors that need to be analyzed - what is the structure of the company, and its ownership, what is the true value of the company, etc... I'd suggest contacting a local bankruptcy attorney before evaluating this decision any further.

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