if i have a small business and am s/employed would the business be affected if i was made, personally bankrupt

Answer 1

It depends on who owns the assets of the business if it is you alone then yes it can all be taken to pay your debts. Or you could reach agreement to continue the business to pay off your debts. Whatever is the case you will not be able to get further credit.

Answer 2

It depends on how you set up the business. If it's a DBA (doing business as), it's just you doing business under another name, so it should include the business. If you incorporated, though, there is a fiction that the business is an "artificial person," with the rights and duties of an actual person. You are treated as separate from the company, and so your financial situation shouldn't affect it.

Answer 3

Yes. and if you are a sole trader then your business will almost certainly just be seen as personal assets.
If you trade under a different legal position, ie limited company then things could be much more complicated.
You should consider every other option first before resulting to bankruptcy - there are lots of consequences from doing it.
I would suggest contacting citizens advice bureau for some advice, find your local one here http://www.adviceguide.org.uk/
there's also some information here from the insolvency service who deal with bankruptcies in the uk http://www.insolvency.gov.uk/bankruptcy/whatisbankruptcy.htm

Answer 4

It also depends on what type of self-employed status you have. An LLC, Inc, etc... If it is a sole proprietorship then yes, you are in trouble as your home assests are tied to your work assests as well. Check out the goverment site for businesses and you can find more information. Also, ask your BK attorney, if you use one.

Answer 5

yes, if it's your name on the business.