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Whether a business is incorporated or not can have a dramatic impact on the outcome of a bankruptcy case, especially in Chapter 7 cases where the bankruptcy trustee has the power to sell non-exempt assets.  Successfully filing a business bankruptcy in Nebraska depends on understanding the important difference between incorporated and unincorporated business assets. 

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Frequently I meet with small business owners who own companies that have become so burdened with debt that I describe the corporation as being “toxic.”  Even if business improves and cash flow increases, the corporate entity is so weighted down by bank liens, court judgments, and tax debt, it can never recover.  The business may