Legal Question in Bankruptcy in Ohio

Re: Bankruptcy

It depends on what you mean by "affect." Sorry if I sound like Bill CLinton.

If what you means is, wil a bankruptcy reach the property of your business, the answer is normally, no. In a straight bankruptcy (Chapter 7), the debtor loses all his non exempt assets which he has as of the date of filing the bankruptcy petition, but not any assets he acquires later.

However, a Chapter 13 will have different results.

If what you mean is, will it affect the business' crediT, THEN THE ANSWER IS THAT IT DEPENDS. yOUR CREDIT WILL BE AFFECTED BY THE FACT THAT YOU FILED FOR BANKRUPTCY. hOWEVER, SOME CREDITORS PREFER PEOLE WHO HAVE RECENTLY GONE THEROUGH BANKRUPTCY, AS THEY CANNOT FILE FOR BANKRUPTCY AGASIN FOR A FEW YEARS.

yOU SHOULD DISCUSS THIS WITH A LAWYER WHO CAN REVIEW ALL OF YOUR PARTICULAR CIRCUMSTANCES. IF YOU CANNOT AFFORD A LAWYER, ASK lEGAL aID FOR HELP. mOST BAR ASSOCIATIONS ALSO HAVE PANELS OF LAWYERS WILLING TO HELP FOR A REDUCED FEE.

gOOD LUCK!