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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Can I file bankruptcy on my personal debt and keep my house

Resolved Question:

Can I file bankruptcy on my personal debt and keep my house if I am selfemployed and have two partners in a family incorporated business ?
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
What state do you reside in?
Customer: replied 7 years ago.
Expert:  Ellen replied 7 years ago.


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

The assets that you may retain in a bankruptcy depend upon the Chapter bankruptcy you file and the state exemptions.

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 unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets that exceed your exemption.

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. However, you may retain assets that exceed your exemption.

Here are the exemptions for Mississippi:

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

Customer: replied 7 years ago.
Are you talking about business assets ? Could they come back on our family bussiness if I file on my personal ?
Expert:  Ellen replied 7 years ago.

In a Chapter 7, the value of your share of the business would need to fall within an exemption, such as the 10K personal property, in order to retain it.

In a Chapter 13 you typically could retain your business but would need to make payments on the debt.
Ellen and other Bankruptcy Law Specialists are ready to help you