Can I file chapter 7 bankruptcy for my small business? 6 Answers as of October 13, 2010

I own a small business in which I am a sole proprietor. It has come to the point where bankruptcy may unfortunately be our best option and we may have to close down. Our business debts have ballooned and we have an expensive lease. Is this actually a situation that we can use Chapter 7 for?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Of course. If your business is merely a DBA of yourself, there is no difference between you filing a chapter 7 and your small business filing. You are the same entity.
Answer Applies to: California
Replied: 10/13/2010
Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
Yes. However, you want to look at the nature of the debt incurred. If you have personally guaranteed the debts, then you may need to file personal bankruptcy.
Answer Applies to: California
Replied: 10/13/2010
Law Office of Barbara Seeley Curtis
Law Office of Barbara Seeley Curtis | Barbara Curtis
Yes. Please call for a free consultation.
Answer Applies to: Florida
Replied: 10/13/2010
Law Offices of Michael J. Berger
Law Offices of Michael J. Berger | Michael J. Berger
If you are a sole proprietor of a business, then you can file personal bankruptcy and your bankruptcy will include your sole proprietorship small business. Your sole proprietorship business is not a separate entity that can file bankruptcy. Corporations and LLCs are eligible to file bankruptcy.

Chapter 7 allows you to break a lease, if that is what you want to do.
Answer Applies to: California
Replied: 10/12/2010
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
Yes.
Answer Applies to: California
Replied: 10/12/2010
    Sussman & Associates
    Sussman & Associates | Mitchell Sussman
    You can, but it may not even be necessary you should talk to an experienced bankruptcy attorney.
    Answer Applies to: California
    Replied: 10/12/2010
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