bankruptcy median income
Can I file Chapter 7 Bankruptcy even though I own a small business?
I need to file Chapter 7 Bankruptcy. My income for the last six months is about $10,800, well below the median test for NY State. However, my salary comes from my small business, which is an S Corporation. I am the only owner, and I pay myself out of that corporation. Am I able to continue to run my company and declare Bankruptcy at the same time, or would I be forced to close the corporation?
You should look for a set job before you file chapter 7 bankruptcy because you may have to cease operations and hand over the keys to satisfy debts owed to creditors. Or you can file for chapter 13 bankruptcy and have all your assets protected while you work to pay off debts.
