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I started a business recently and the profit is now becoming positive, but I am in a pile of debt. Do I have to file Chapter 13?
I’ve spent the past five years trying to start up a business and I’ve finally built up a substantial number of repeat customers. However, I’ve had to go deep into debt to make it this far. Is there a type of bankruptcy filing that lets you keep running your company while obtaining extra time to pay off your creditors?
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Answers (1)
It sounds like you might be eligible to file under Chapter 13. However, this type of decision really needs to be made while consulting with a highly qualified bankruptcy law attorney. Begin jotting down all of your questions for the attorney and make sure you take an accurate listing of all your debts and assets to your first meeting. A Chapter 13 bankruptcy lawyer will be able to quickly decide if that’s the best filing approach for you. Check ahead of time to be sure the attorney you’ll be seeing regularly handles these types of cases. Since you’ll be making a business filing bankruptcy, you probably won’t need to speak with a lawyer who specializes in Chapter 7 filings.
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Posted by Elizabeth Smith on 21 Jan 2010
1 person found this useful
(3 Votes)