Can they come after my business or my business partner?

I’m a co-owner of a bakery with my friend. The business is doing ok but I have personal debt issues because of my wife and I. If I file for personal bankruptcy, can my creditors come after the business ? If so, is my business partner protected ? We can’t lose our business or have creditors calling me there.

One Comment

  1. Depends on the value of the equipment in the business and whether there is a valid lien against the equipment. In bankruptcy (depending on whether you own a home with equity) you can choose federal or state exemptions. The federal exemptions give you a “wildcard exemption” that can be used for any purpose plus a business equipment exemptions. This case requires that you hire a good bankruptcy attorney to give you solid advice. This is definitively not your “run of the mill” bankruptcy and requires deep consideration and knowledge of the law. So the bottom line is that “it depends” on a lot of factors. Worth paying an attorney to give you an opinion.

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