Can a Business File Bankruptcy and Stay Open?

Texas Bankruptcy Lawyer Says the Answer is Usually Yes

Video Transcript:

Leslie Rhode:

Can a small business stay open if the owner is in bankruptcy? We ask Dallas attorney David Shuster in this AskTheLawyers™ Quick Question.

David Shuster:

For most small businesses, yes, the answer is yes. It's sometimes a little tricky. So if you're a general contractor, if you're somebody who has this trade, this specific work that they do, and for whatever reason this particular business venture is not going well. Okay, if that's all they know, that's all they know how to do, how to make money. So yeah, we'll figure out a way to either keep this business open and get rid of the debt, or figure out a way to talk about opening a different business, operating that business, and then filing a bankruptcy to get rid of all of the old debt related to the old business.

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