bankruptcy business
Can I file bankruptcy and still have my small business?
My husband is self employed and that is our only form of income. I got fired from my current work. Can’t seem to pay our credit cards and bills. Getting collection letter now. Can we file bankruptcy and still keep the business and keep our cars?
Bankruptcy law is extremely complex so I highly recommend seeking the advice of a board certified bankruptcy attorney. Most will offer free first time consultation. I’m not an attorney so I can’t tell you whether or not you’ll be able to keep your business. In order to keep your home, cars, and other stuff you’ll be looking at filing a Chapter 13. The hardest part of the filing is doing the all the paperwork and the home inventory (including music/movie collections) and assigning a value. Items of higher value will require additional supporting information in order to determine the accuracy.
There are certain items you might not be able to keep such as furs, luxury vehicles (Cadillac, Hummer, Mercedes, Volvo, etc), and possibly recreational vehicles (boats, ATV, motorhomes, etc). Another type of vehicle you might not be able to keep, depending on how much its worth, are antique/classic cars. If you have any you will need to provide year, make, model, body type, current condition (running, restorable, show car, etc), specs, options, and possibly photos. Your attorney will use this information to determine a value as well as whether or not you would be able to keep the car. Before you can file you will be required to go to credit counseling.
In my case, filing bankruptcy was an absolute last resort. I had been on a Debt Management Plan which was working out ok but it was still tough. Thanks to my former employer changing my schedule to reduce my hours I no longer earned enough to continue paying it, the car + insurance. My car is my only source of transportation so I decided to file Chapter 13 and just hoped I wouldn’t be required to replace it. I was worried about that because the car (2006 Toyota Corolla) was relatively new. The other thing that worried me is having to sell my restorable classic (1962 Plymouth Valiant) because it was a gift from my parents. Thankfully I was able to keep both vehicles.
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