Bills have been piling up and you have no idea how you’re going to pay them. Should you declare bankruptcy?
How a personal bankruptcy will affect an ownership interest in a small business is dependent on the type of business as well as what form of bankruptcy (Chapter 7 or Chapter 13) is filed.
Bankruptcy is a great way to discharge debt so that you can move forward with a clean financial slate. It’s proven to be an effective tool for both consumers and businesses, but it’s important to know that bankruptcy is not the same for consumers and business.