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Chapter 11 is typically used to reorganize a business, which may be a corporation, sole proprietorship, or partnership. A corporation exists separate and apart from its owners, the stockholders. The chapter 11 bankruptcy case of a corporation (corporation as debtor) does not put the personal assets of the stockholders at risk other than the value of their investment in the company’s stock.
A sole proprietorship (owner as debtor), on the other hand, does not have an identity separate and distinct from its owners. Accordingly, a bankruptcy case involving a sole proprietorship includes both the business and personal assets of the owners-debtors. Like a corporation, a partnership exists separate and apart from its partners. In a partnership bankruptcy case (partnership as debtor), however, the partners’ personal assets may, in some cases, be used to pay creditors in the bankruptcy case or the partners, themselves, may be forced to file for bankruptcy protection.
We serve clients throughout Northern California. To schedule a free consultation with bankruptcy or family law lawyer at our firm, call (408) 298-8910 or (831) 998-8144 or (916) 995-2750 contact us by email. Evening and weekend appointments are available upon request.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.