Can I file business Chapter 13 and personal Chapter 7 at same time?

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Can I file business Chapter 13 and personal Chapter 7 at same time?

Asked on December 12, 2013 under Bankruptcy Law, Tennessee

Answers:

Terence Fenelon / Law Offices of Terence Fenelon

Answered 8 years ago | Contributor

In all lilihood, the answer to your question is no, as the to types of bankruptcy encompass different procedures with different goals and involve the same property.

I am making several assumptions in my answer as the question provides no factual background.  I assume that you are the owner of the business, or at least a majority shareholder.  If so, if you were to file a personal chapter 7 liquidation, the ownership interest would be property which must be listed in schedule B of the petition and would thus be subject to liquidation by a trustee. Thus, there would no chance pf a reorganization of debts, as in a chapter 13.

If the business in a sub-s or solely owned, un-incorporated entity, just file a chapter 13 and combine the filing.  No need to file 2 cases.  I would strongly advise seeking legal assistance as a 13 business case in full of land mines.


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