Filing bankruptcy when you own a business?

Many people have called with questions concerning filing a bankruptcy while at the same time keeping a business. The common misconception is that if you file a bankruptcy you must close the business. In most of the cases that I have seen the person filing bankruptcy keeps the business assets and continues to operate the business. If you are a business owner where the majority of you income is being used to service unsecured debt it filing a bankruptcy can help – sometimes it can save a business by making it profitable again!