Can I Discharge My Business Debts in a Personal Chapter 7?

Many people consider the possibility of bankruptcy as a means of dealing not just with personal debt but also with debt that is a result of expenses accrued in past business ventures. Business-related debts are generally just as dischargeable as consumer debt, but there are types of business debt that are not dischargeable, and, if the debt belongs only to a corporation and to you personally, it may not be dischargeable at all by your personal bankruptcy.

For more information regarding business debts and Chapter 7 or Chapter 13 bankruptcy, click here for our full article on business debts in bankrtupcy on the new Michigan bankruptcy blog of The Hilla Law Firm, PLLC.

If you are considering filing for bankruptcy and are concerned about the balance of personal and business debt that you are carrying, please contact usat john@hillalaw.com or (866) 674-2317 to schedule a free, initial consultation so that we can discuss the best options for you.

 

2 responses to “Can I Discharge My Business Debts in a Personal Chapter 7?

  1. Pingback: Business Debt and the Chapter 7 Bankruptcy Means Test | Michigan Bankruptcy Lawyer

  2. Pingback: Can I Lower my Salary or Wages to Pass the Chapter 7 Bankruptcy Means Test if I am Self-Employed? | Michigan Bankruptcy Lawyer

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