Articles Posted in Small Business and Bankruptcy

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The “small business” is suffering in today’s economic climate. Many have debts that are insurmountable. The “owner” has often also personally guaranteed the debt and is facing bankruptcy.

The question then becomes whether the business entity should file for chapter 7 as well?

Maryland Bankruptcy Attorney Brett Weiss has short list of reasons why he thinks a corporation or LLC will end up using a chapter 7 bankruptcy. His article can be found here.

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Small business is the backbone of our economy. There are literally millions of small businesses in the United States and at any given time, a large percentage of them are failing.

Many Arizonans with small businesses have contacted me when faced with serious business related debt to ask whether a creditor(s) can sue them personally for debts incurred to create and maintain the business.

A small business owner’s personal liability usually is determined by whether the debt has been personally guaranteed. I.E. did the business owner borrow the money in his or her own name, or did they personally promise to pay if the business couldn’t. If so, a lawsuit and collection can follow.