ChApter 11 | AFTER YOU OPEN—KEEPING ON THE PATH TO SUCCESS | 191
If your business is a partnership or
corporation, the business itself can go
bankrupt. You won’t need to declare
personal bankruptcy, however, unless
you have business-related debts for which
you’re personally responsible.
Depending on your particular circum-
stances, you may have a number of
different bankruptcy options available.
Most small business owners opt to either:
• lose some of their personal or business
assets and cancel their debts, or
• arrange to make payments on past
bills from future income while keeping
current on new bills and retaining their
property. In many cases, past bills may
be paid off at a fraction of their face
value.If you are thinking about filing for
bankruptcy, you’ll need to research your
options. Your options will be affected by
issues such as:
• the dollar amount of your debt
• whether you want to keep operating
the business
• your personal liability—for example,
you may have pledged your home or
cash for a loan, and
• the type of property you own; some
of your personal property is yours to
keep, regardless of your bankruptcy.RESOURCE
For more about bankruptcy options
for individuals, see Solve Your Money Troubles,
by Robin Leonard (Nolo). For more about
bankruptcy options for businesses, see How to
File for Chapter 7 Bankruptcy, by Stephen Elias,
Albin Renauer, and Robin Leonard (Nolo). ●