Can I declare personal bankruptcy and not corporate bankruptcy?
Own a small retail incorporated business not doing well due to the economy. Having to use business credit cards, and creeping into personal credit cards, they have become overwhelming. Could I declare personal bankruptcy and continue to keep my business open?
It depends.
If your business is a sole proprietorship, no.
If it is incorporated and keeps separate books, files separate tax returns, then probably yes, but it is also likely that you personally guaranteed some of the business debts. If that is the case, you may find that after your bankruptcy, those businesses that extended credit to your business will be unwilling to do so unless you can find another guarantor.
Hi Christine
It may be important to get the professional advice of a well known debt consolidation company. One site that I know I can trust is http://www.debtplan.org/ . Not only can they help with debt consolidation but can also offer you some very helpful hints on budgeting your funds.