Legal Question in Bankruptcy in Illinois
filing for banckruptcy
I would like to know hwt is the procedure in filling for bankruptcy for a business if you are a sub chapter S. What are my personal risks as well as my professional risk.
Asked on 4/13/02, 12:03 pm
1 Answer from Attorneys
Bruce Buckrop
Bruce Buckrop
Re: filing for banckruptcy
A BUSINESS CORPORATION BK CH 7 NEEDS CERTAIN FORMALITIES, THAT SPACE DOES NOT PERMIT TO GO INTO HERE, BANKRUPTCY HAS MANY ASPECTS, BUT IF YOU ARE SQUARE ON YOUR CORPORATION REQUIREMENTS, THEN YOU COULD FILE CH 7 ON ONE BUSINESS, AND START ANOTHER BUSINESS THE NEXT DAY UNDER ANOTHER NAME
Answered on 4/13/02, 1:13 pm
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