Small business- bankruptcy or just close down?

Published by: jane 2009-01-07

Kansas Business Center | Closing a Business::
steps are taken to close a business, or transfer ownership to Closing Down Your Business - Closing up a business takes more than just walking away.
http://www.kansas.gov/businesscenter/closing/HOME

I co-own a very small business. It is a partnership. We are currently in debt $17,000 from the items we refinanced to buy it, and $13,000 in debt on a credit card used to buy items for it. We are planning to just close it down, but I am wondering if maybe we should declare bankruptcy on it. I do not know anything about declaring bankruptcy, which would be the better solution- closing or bankruptcy? Where do I go to find out information on declaring bankruptcy with a partnership? Will bankruptcy affect just the business or our personal loans and equity also?

Exit Strategies::
Planning how you exit your business is just as important as how you start it. Small Business Development Centers. SCORE Counselors
http://www.smallbusinessnotes.com/operating/leadership/exitstrategies.htmlHOME

The ChamberPost: Small Business::
The credit crunch on small business is not new just getting worse. 10 years in business, I am wondering if we will have to close or file bankruptcy.
http://www.chamberpost.com/small_business/index.htmlHOME

If you have loans that are tied into the business and you close and don't pay them....creditors can sue you and get judgements against you attaching leins on any assets you own. Best advice is to contact a local bk attorney that would handle both personal and business bankruptcies. Most will see you on a free first consultation. Ask them what type of information you will need to bring with you for the business. They will want to see you income if you paid yourself, assets you have, taxes for the last 4 years and all of your debts. Anything tied into the business that was personal will fall on the other partner if you declare bankruptcy, but an attorney will be able to give you more detailed information. Good Luck!

Zuckerberg Bankruptcy Law Office::
Small Business Owners Have Lots Of Big Company In Bankruptcy just getting to work and back every day (or to job interviews after a layoff!
http://blog.zucklaw.com/blog/zuckerberg-bankruptcy-law-officeHOME

If you had a corporation, you may have a chance with the bankruptcy, however speak to a specialist in that area. If you can avoid the bankruptcy it would be best, since that stays on your record and can affect many areas of your life.

Hi,
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