Author: Bankruptcy Law Network (BLN)

29 Sep Is Chapter 13 An Option For A Small Corporation Or A Limited Liability Corporation (LLC)?

A small business may need to file a bankruptcy to protect its owner and its assets while continuing to operate. The sole proprietor (an individual “doing business as”) can file a Chapter 13.and include his business. One exception to this rule is if the small business is operating as a corporation. Corporations are not permitted to file Chapter 13 pursuant to Section 11 USC 109 e. This section clearly states that only an individual with regular income can file a Chapter 13; however, there may be a way around this.
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