Can I keep my business if I file for bankruptcy?

Many small business owners have asked me if they can still own and operate their business if they file for a Bankruptcy Chapter 7.

This depends on if your business has assets.  If there are assets a bankruptcy trustee will be assigned to inventory and sell to action all of your non-exempt business assets. The fruit of the sales will be used towards paying your creditors.

There are a few exemptions for business assets that you won’t need to sell. You can ask an attorney about which ones are the exemptions and if they apply to your case.