Legal Question in Bankruptcy in Virginia

Can I File Personal Bankruptcy Without Closing My Business If It Is A corporati

I am a small business owner. My business is incorporated. I owe over 90,000.00 on my personal credit cards which were used for the business. If I file personal bankruptcy because I am not making enough to pay everybody, would I have to close the business? Can I keep my leased embroidery machine, since this is the way I make my living?


Asked on 2/10/04, 10:17 am

1 Answer from Attorneys
Daniel Press Chung & Press, P.C.

Re: Can I File Personal Bankruptcy Without Closing My Business If It Is A corpo

If the value of the corporation is negligible, you will be able to keep it in a Chapter 7. If not, you may be able to file a Chapter 13. As for the lease, you should be able to keep it if you keep up the payments. You need to consult with competent bankruptcy counsel to advise you regarding your specific circumstances.

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Answered on 2/10/04, 10:42 am


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