fire sale bankruptcy

Filing for bankruptcy because of personal business?

My wife and I think we to business bankruptcy, perhaps because of the Recession and that our we have added the 12 years no longer pay for the business can have their bills. We had a lot of business expenses of the utility companies set of vendor invoices on our credit cards. We are now about $ 33,000 in debt more than 6 cards. What do we do now? Have we set the business up for sale? Rent our section of the building and work from home? Have a fire sale in the store? And how do we handle this claim bankruptcy on our business credit cards without it affect our personal cards, which have much lower balances. Can you do? Entitled to certain things and not others. We have both our vehicles and We rent the house. Other than that, we do not have a lot of assets. Anyone some ideas? Thanks to all who answer these questions.

It sounds like your Company is ad / b / a and not incorporated, so that a bankruptcy affect your personal finances and credit. It can not, therefore, only bankruptcy on the "business" debt. This is the primary reason why many companies are included to isolate the liability of companies and assets and protect the personal liability and property. Only you know why your business fail and what are the tangible assets of the company. Answer your own Questions: 1 If the fiscal deficit is bad, no one will buy it? 2. If you made under the lease, assuming you can create a sub-category would find the Them out of the red? 3. If the assets are unloaded, so they are sold? If so, the profits would be sufficient for the business to pay debts? If answers to these questions is no, then try to settle your debt with your creditors. If you do not want to talk a bankruptcy lawyer.

UNSW Bankruptcy / Fire Sale