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It is not uncommon in Iowa for a small business, whether incorporated or not, to face financial difficulties that necessitate considering a bankruptcy option. A personal Chapter 7 bankruptcy will allow you to discharge your personal obligation for any business-related debt to a bank or vendor, or personal debts, like credit cards, that were used for business purposes. It is very common for the debtor to file small business bankruptcy to be able to continue to operate and run the business even after filing bankruptcy and discharging these debts. Also, if the majority of your debts are small business debts, you may be able to file a Chapter 7 bankruptcy even if your income is higher than otherwise allowed by the income guidelines and "means test". Any Chapter 7 bankruptcy that involves a small business definitely requires an experienced Iowa or Des Moines bankruptcy attorney to properly analyze and handle a small business bankruptcy case.
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