Can my business qualify for a Chapter 13 bankruptcy?
That’s a great question. Ordinarily a Chapter 13 is only for individuals. However, there are exceptions. Business can file for a Chapter 13 bankruptcy if that business is in the form of a sole proprietorship. In that case, the business can receive the benefits of its owner filing a Chapter 13 bankruptcy and, in turn, reorganizing the business debts through that Chapter 13 bankruptcy.
The advantages of something like that are tremendous especially with respect to sole proprietorships that have limited resources available to it, to file the bankruptcy and to successfully re-emerge from a bankruptcy case.See all videos