Who can petition (file) for chapter 7 bankruptcy?
Persons or business entities can file for chapter 7 bankruptcy. If you are a sole proprietor and are not incorporated, you’d likely just file bankruptcy in your name to tackle both your consumer and business liabilities. If you are incorporated, you may want to file bankruptcy personally and file an additional bankruptcy on behalf of the corporation if you wish it to cease operation (you’d continue working without the corporation). A corporation can be put to rest through a chapter 7 bankruptcy; it would simply cease to operate (there wouldn’t be a discharge like there would be for an individual). But as one practitioner noted recently, a corporate bankruptcy may be akin to providing it with an awful fancy funeral. It’s often unnecessary. Be sure to discuss these issues with your attorney. If unmarried, you must file bankruptcy alone. If you are married, you can file a bankruptcy petition with or without your spouse. Whether to file bankruptcy singly or jointly depends upon your situat
