Can You File Personal Bankruptcy and Keep Your Business?

Bankruptcy laws are very specific in labeling assets that you can and cannot keep if you file a petition. Very often, you can keep your business when you file bankruptcy because many businesses fit within the permitted “Exemptions”. Factors such as value, equity and marketability are all considered in providing the “Exemption Analysis”. Many times, you can keep your business because it would be very difficult to actually liquidate. Your business may be your most prized possession, but without your at the helm, is worthless and of no liquidation value. Your business will only be liquidated if there are is real value to be collected and paid to your creditors.