Helping 20 Million Americans a Year for 20 Years. FREE!
Find the Right Lawyer for Your Legal Issue!

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential

Call us today for a free consultation (855) 466-5776

What should be do regarding a business bankruptcy?

Question Details: My husband and I bought a franchise license for a smartphone repair store. After a 1 1/2 years of being open, we are just not making it and need to cut our loses. We bought a franchise license which cost 30K and then spent an additional 110K in buildout costs to open the store front. Then spent another 80K in just the operational/overhead costs between now and then, to help keep afloat. In addition, we are 20K in over our heads on credit card debt. It's just not working and don't know what else to do other than file for bankruptcy. This has taken a toll on our family, our health, mental state and it's just not worth continuing. What steps do you recommend we take from here, if we do file for bankruptcy? We cannot afford to spend any more money on this. My fear though with bankruptcy is could this go on our personal credit? We opened the business under a corporate business entity. Also, will the 20K credit card debt need to be repaid?

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.