What chapter of bankruptcy should I file for if I own a business? 5 Answers as of November 02, 2010

I own a small photography studio that I started with my own money and some loans from the bank. I do not have any other employees besides a few members of my immediate family who do not have any other source of income. My business is sinking and I am currently $300,500 in debt, due to rent and equipment for my business and personal medical expenses. I want to do some research before I consider applying for bankruptcy, but I am not sure if I should apply for Chapter 7 or 13.

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Greifendorff Law Offices, PC
Greifendorff Law Offices, PC | Christine Wilton
You should consult with an attorney.
Answer Applies to: California
Replied: 11/2/2010
Ariano & Reppucci
Ariano & Reppucci | Chris Ariano
The only option you would have would be Chapter 7 or Chapter 11. Chapter 7 would be a liquidation of your business while Chapter 11 would be a reorganization of your business. To discuss further, please contact us.
Answer Applies to: Arizona
Replied: 11/2/2010
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
Is your business a corporation, or just a dba of yours? If the former, your choices would be chapter 7 or chapter 11; if the latter, it could be Chapter 7, 11, or 13 depending on whether you want to stay in business or reorganize. You need to consult with a bankruptcy attorney to get more specifics about your situation.
Answer Applies to: California
Replied: 11/1/2010
The Shakoori Law Group
The Shakoori Law Group | Rachelle Shakoori
Is your business a corporation or sole proprietorship? Do you want to continue the business? If its a corporation and you do not want to continue business, you may not need to file a bankruptcy as corporations do not receive a discharge.
Answer Applies to: California
Replied: 11/1/2010
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