Your business can file bankruptcy without you also filing

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number eight you can just file bankruptcy on your business and not impact yourself individually many people say well i formed a corporation or um i formed an llc and i've done that to operate my business and i did that and now the business fails so i just want my business to file a bankruptcy if we could do that folks in every situation it would be great but here's what we find most entrepreneurs most people that go out to start their own business their business is new and it doesn't have any credit of its own so when the business incurs debt it may be signing a store lease it may be signing some other type of lease maybe a restaurant the landlord is going to require the business owner to personally guarantee that debt you may go out and get credit cards that have your business's name on the credit card what we find in almost every instance that credit card is not truly in the business's name it may have you know displayed on the credit card the business's name but the credits issued to the individual to the business owner a lot of other circumstances where business debt is personally guaranteed by that entrepreneur that's gone out start the business unfortunately not every business is successful and a lot of business owners have struggled over the last year year and a half with shutdown orders with people working from home the whole landscape has changed so what you need to know is that a good bankruptcy attorney a good experienced bankruptcy attorney is going to help you to understand what liabilities are the responsibility of your business and which could impact you individually and help you seek the type bankruptcy relief that's available something i i feel compelled to tell business owners at this point people that are struggling right now one of the reason we have uniform bankruptcy laws in our country is because our free enterprise system here in the united states of america requires people to go out and take chances we try to build businesses we try to go out and take risks hire other people help them better their lives build up capital that type system a free enterprise type system wouldn't work if the bankruptcy safety net wasn't available people aren't going to go out and take chances try to build businesses if they didn't know that that bankruptcy safety net was there and our government wants new businesses our government wants you to flourish and to do as well as you can that's why the bankruptcy safety net exists so again if you're operating your own business the obligations of the business may or may not unfortunately more often they do flow through to you individually as the business owner a good bankruptcy attorney is going to evaluate fully which of those obligations belong to the business alone and which flow through to you individually and help you decide how to address those debts we will do that for you at the bonded bonus law offices again please be proactive if you're operating a business and the business is not doing as well as it was that's impacting your ability to pay your bills uh reach out to us and let us help you explore what your potential options are going forward before you get into trouble we can do more good for you the further in advance you get to us for advice and for consultation