Question
How do I file for bankruptcy while still keeping my business?
I want to file for bankruptcy, but I don't want my business to be affected. How would I go about doing this? If I filed for an individual bankruptcy, would it affect the revenue from the business I own?LawQA.com Answer Library
Answered By: Eranthe Law Firm
Your best bet is to file a Chapter 13 or make sure your business is a corporation.
Answer Applies to: California
Replied: 10/19/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/19/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Bird & VanDyke, Inc.
If you are filing chapter 7 your business is merely an asset that you must exempt or you could lose assets. My advice for anyone filing while self employed is to discuss it with an attorney BEFORE filing your case.
Answer Applies to: California
Replied: 10/18/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/18/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Janet A. Lawson Bankruptcy Attorney
You should not be filing this bankruptcy without a lawyer. Get one as the assets and value of your business are an issue.
Answer Applies to: California
Replied: 10/17/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/17/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: The Schreiber Law Firm
Any interest you have in a business or any shares you have in a business in which you are a shareholder or as a member of limited liability company are property of your bankruptcy estate. If you cannot exempt your interest, the trustee has the right to sell it.
Answer Applies to: California
Replied: 10/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/16/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Carballo Law Offices
You need to have a consultation with a bankruptcy attorney. This is too complicated for you to seek information or advice online. You might have to file a Chapter 13 since you cannot operate a business in Chapter 7. The revenue of your business is your revenue and it goes into the calculation of how much you earn. Depending on your income and expenses, both business and personally, bankruptcy might or might not be the best option for you. Also, the value of the business, including the business assets, need to be able to be exempted (protected) in the bankruptcy case or you might lose the business and other property.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Bankruptcy Law office of Bill Rubendall
If your business has employees you will have to close it. You might want to consider a chapter 13 instead
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of Robert P. Taylor
Your business is an asset of yours. If its value is less than what the court will allow you to keep, you can keep it. However, depending on what type of business you have, your bankruptcy trustee my require proof of liability insurance or my just shut you down completely if you're a sole proprietor. This is way to involved to discuss all the possibilities here. Please call an experienced, local, bankruptcy attorney as the answer may differ by location.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Ursula G. Barrios Law
Go for a Chapter 13.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 10/14/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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