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If you run a small business, you are probably not planning on going bankrupt. However, the truth is, it can happen to anyone. Our economy is in an uncertain state right now so even well-planned businesses are not always successful. As a small business owner, you should know about state-specific bankruptcy law.
Bankruptcy law covers such topics as when and how a company can file for bankruptcy, which court will settle the case, and how the court will distribute the business' assets to its creditors. These are important things to know when you go into business, especially if you go into business with a partner. You should also find out how your personal assets and anything you put up as collateral to get a business loan will be affected if you file for bankruptcy.
If you are aware of this information, you can make plans to protect yourself in the event that you need to file for bankruptcy for your business. You can find information on bankruptcy law from an attorney or a local business owners organization. You could also take a business law class at your local community college. Also, read more about state-specific bankruptcy law on the links provided on this Business.com page.