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I
have a business. Can I go bankrupt on it?
A.
Small businesses can file either a Chapter 7 or
a Chapter 13 bankruptcy (although corporations cannot file
Chapter 13). Depending on your business situation, you may be
able to continue on in business even after filing. A business
bankruptcy is often simply done as part of your individual
bankruptcy. In most cases, though, small business
owners, whether operating as a DBA or a corporation or LLC,
are personally responsible for the debts of the
business. This means that you would probably
have to file bankruptcy personally, not just the business.
Generally,
the whole hearing takes only a few minutes, although there is
usually a wait for your case to be called.
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