Legal Question in Business Law in Pennsylvania

bankruptcy and small business

We operate a small sole proprietor business in addition to my husbands full-time job. We filled a schedule C for past three years with no profit- we filled for personal bankruptcy this year- does that mean that the business HAS to be officially closed too?


Asked on 7/30/02, 4:11 pm

1 Answer from Attorneys

Re: bankruptcy and small business

If you are filing under Chapter 7 (liquidation) and are listing business debts in addition to personal debts, I expect the Trustee will require the business to be ended. If you are not listing any business debts, you should check with the Trustee at the Creditors' (341) Meeting whether you can continue to operate the business.

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Answered on 7/30/02, 5:07 pm


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