Legal Question in Bankruptcy in New York
Does personal bankruptcy effect a business that you own?
Asked on 1/23/10, 10:04 am
1 Answer from Attorneys
Andrew M. Doktofsky
Andrew M. Doktofsky, P.C.
It depends on your specific situation. If you operate a DBA, then the business's debts and assets are considered the same as yours. If you own a corporation or LLC, then your ownership interest in the company is an asset. If the business has value, then your interest in the company can be sold to pay your creditors.
Please contact my office directly if you would like to discuss your situation further. You may also visit my website at amdlaw.com for more information.
Answered on 1/28/10, 11:11 am
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