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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Bankrupcy Im self employed , no work in construction....I

Resolved Question:

Bankrupcy    Im self employed , no work in construction....I have a home which today am current on payments. 80,000 in credit cards, as of today can no longer make payments....( 90% bis. supplys and gas)    (2) Truck loans.the newest can no longer pay.     How do i proceed and still be able to keep a vehicle, and stay in bis. Would like home?          Help      Ron
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.


Thank you for your question. I am happy to assist you.


A Chapter 13 bankruptcy appears to be the solution. Let me explain.

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13.

There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

A Chapter 7 bankruptcy could discharge (erase) all of your credit card debt. It would be an opportunity for a fresh financial start. However, you would likely need to surrender your business.

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period.

I hope that the information which I provided was helpful to you.

Customer: replied 7 years ago.

What if the bis. was not important. its been 19 yrs and more work than money...


Maybe a real job now. Would 7 still be better thanks ron

Expert:  Ellen replied 7 years ago.

If you are willing to possibly give up your business, a Chapter 7 may be preferable. You would typically have a fresh financial start with no unsecured debt.
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