Filing bankruptcy for your business can end the frustration and stress of trying to keep the â€œdoors openâ€ on a failing endeavor. But is it necessary?
If you have a sole proprietorship, you canâ€™t file bankruptcy just for the business without including all of your personal assets and debts. That may be a good thing, and will give you a â€œfresh startâ€ so you can get on with your life. After the bankruptcy, all of your debts; both personal and business; that can be discharged will be gone.