Bankruptcy Chapter 7 & 13

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Business Interests
Chapter 7 Liquidation Bankruptcy

In most cases, a Liquidation Bankruptcy will end your business interests. If the Trustee can find a buyer, the business may be sold to pay bills. If the Trustee cannot sell the business, he may sell non-exempt property which you need to operate the business. [11 USC �541(a)]

Chapter 13 Debt Adjustment

Under Debt Adjustment, you will be able to continue to operate the business without interference by the Trustee or the court. The Trustee may require you to file a monthly "Operating Statement" showing business income and expenses, to make adequate provision for payment of taxes, or to make other reports. [11 USC �1304]


This page was last revised: 02/18/09