QUESTION
When filing Bankruptcy (no property) do I have to also file my small business (have EIN #) that I have included on my income tax for two years.
Asked on Apr 21st, 2012 on Bankruptcy - Indiana
More details to this question:
It''s secretarial work mostly programs for funerals, etc. I also helped a new church. I have no assets just credit cards. one old in particular that is now taking me to court to seize my bank accounts which are emply. The creditor "Capital One" ($2600) acct is about 10 yrs old. filed all the insurance paper to cover acct because I was not working. Did not hear from them for about 7 years, now they are harassing me. It was also a class action suit attached against them that I got notice of. Earnings from the business was less than $11K. I receive State food card $132/mo. (only me) and Medicaid, have health issues. I am a widow. 55 years of age. Have credit cards that I have paid the minimum, no better no worse. but this Weltzman , Weinberg, & Reis is threatening the little I do have until I can find a real job. Have been unemployed since 03/24/2010. Worked for a church, no unemployment, 501C3 status.
1 ANSWER
Bankruptcy Attorney serving Burbank, CA
Partner at
Law Office of Mark J. Markus
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I'm not sure I completely understand your facts. Is this "small business" a corporation, or simply a dba of yours? Are you concerned about your personal liability on the business debts?
Filing bankruptcy for yourself personally will get rid of any personal liability you have for debts which are discharged in your case. This includes any and all debts you owe from a business. If the business is a separate entity (such as a corporation), you must list that entity as an asset on your individual bankruptcy papers. As far as filing a separate bankruptcy for a separate corporation/entity, it's probably unnecessary if the business is not operating, but I don't have enough facts here to advise you on that.
You may find my information at http://www.bklaw.com/business_bankruptcy.html instructive on this.
Hope this helps.
Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/
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Answered on Apr 23rd, 2012 at 7:23 PM