Can I force my creditors to work with me?

Yes. If restructuring your debt is possible then there is a small business bankruptcy proceeding that forces them to work with you.

My business is bankrupt. What should I do?

If you have assets and angry creditors then you can file a liquidation bankruptcy that allows you to close the business in an orderly manner. It is also wise to file a dissolution of the business with the State of New Jersey at the same time.

Do I have to personally file for bankruptcy?

Most credit extended to the small business owner requires a personal guaranty and that is what usually pushes a business owner in to bankruptcy themselves. I am also finding this new tricky little clause in corporate credit card agreements that makes the business owner who signs the application personally liable for the corporate debt.

If I file bankruptcy, can I do business again?

Yes, and that would be a reason to file bankruptcy so you can sort out the business that is doing poorly and move on to another venture.

What about my license? Can I still do business?

There is nothing in bankruptcy law that affects your license; indeed it protects you from job loss because you filed bankruptcy. Most licenses do require you to report criminal and divorce cases, but nothing else. It may be a question on your license application, but it should not be a basis for denying you a license or renewal of a license.