When Cases Collide: When Closely Held Businesses and Individual Owners Both Seek Bankruptcy Protection

When Cases Collide: When Closely Held Businesses and Individual Owners Both Seek Bankruptcy Protection

March 7, 2017

The financials of closely held businesses and their owners are often intertwined. The principals may be guarantors of the business debt. Or they may have lent funds to the business, causing their own personal financial dilemma. As a result, unfortunately, often both the business and their owner may be required to seek bankruptcy protection. The following discussion focuses on some of the issues that may arise when the related bankruptcies intersect.

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