Legal Question in Bankruptcy in New York

Re: Business Bankruptcy

The answer to your question is a resounding and utterly unsatisfactory IT DEPENDS.

What form did you select for your business (sole proprietor, partnership, LLC, corporation)? Have you maintained proper business records? How much of this debt carries with it a personal guarantee of payment (new businesses generally are not trusted by banks and other lenders, and they usually require that the business owner sign a personal promise to repay the debt if the business goes under)? Those are only a very few of the questions THE BANKRUPTCY ATTORNEY YOU WILL NOW GO HIRE will have for you.

If you do file a business bankruptcy petition, make sure your attorney has experience with business bankruptcy cases; these matters are an ENTIRELY different kettle of fish from personal bankruptcy. I do not handle business bankruptcy filings.

Good luck.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

Re: Business Bankruptcy

You may be able to file for Bankruptcy and get rid of your debts and keep your assets.

acob Silver

Free Consultation

New York Bankruptcy Attorney, Bankruptcy Lawyer in Brooklyn New York

Stop Collection Agencies.

Get Rid of dischargeable Credit Card debt, IRS taxes,and other debts.

I will provide you with personal attention to your individual situation.

http://www.silverbankruptcy.com

Jacob Silver

Attorney At Law

26 Court Street

Suite 2511

Brooklyn, NY 11242

[email protected]

http://www.silverbankruptcy.com

Re: Business Bankruptcy

As indicated in my colleague's earlier response, it depends on whether you did business through a separate legal entity (i.e., corp., LLC, partnership) or just as yourself under a trade name (for ex., John Doe doing business as Acme Widgets). Also, if you personally guaranteed debt a business bankruptcy filing will not discharge your personal liability. In addition, principals of a business may be held personally liable for certain unpaid business tax liabilities, such as withholding or sales tax, among others, and for unpaid employee wages.

Often where a business decides to file bankruptcy a separate bankruptcy filing is needed by the principal of the business to protect himself/herself. Because of the conflict of interest posed by simultaneous representation of the both the business and the principal, the same attorney/law firm cannot represent both.

Check out the "Business Bankruptcy Questions" on the Frequently Asked Questions (FAQs) page on our website at www.starrandstarr.com/faqs.htm for more information about business bankruptcy issues.

The foregoing is not intended as legal advice for you specific situation and is meant to provide general information of interest to readers of this website. You should consult with an attorney concerning your legal options.

I am Board Certified in Business Bankruptcy Law by the American Board of Certification and handle both business and personal bankruptcy matters and assist people like you with these problems all the time. Please feel free to contact me for a no obligation initial consultation at 8888678165 regarding your options.

Best regards,