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I am a small business owner. A S-corp I am a director. Trying

Resolved Question:

I am a small business owner. A S-corp I am a director. Trying to do Chapter 7 Will they make me sell my shares in my company. Its my only lively hood wife is unemployed. I work 7 days a week. Income down 40 Percent and falling.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 4 years ago.
Hello,

You may have to give up your business in a chapter 7 bankruptcy. You may want to consider a chapter 13 bankruptcy. I will 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 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, if any, 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 Nevada:
http://www.bankruptcyinformation.com/nv_exemp.htm



Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER
Customer: replied 4 years ago.
If i file Chapter 13 What percentage will i have to pay back? Will it be free cashflow over my means test or What i could sell my share of a company for? My home is upside down. My first is 70000 upside down with a 66800 2nd and a pool loan for 29000. i want to add these in 13 and strip them and walk away how will the trustee see this? I also read that most trustees will not touch any business assets that are service related. 7 days a week is one hell of a service to my customers. I own a restaurant. My concern is i have been to three consults with 3 different outcomes help!!!! Thanks
Expert:  FiveStarLaw replied 4 years ago.
Hello,


I cannot determine on this forum the percentage would be required to pay back in a chapter 13. It is too complex. The trustee will usually sell business assets
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36633
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 4 other Bankruptcy Law Specialists are ready to help you

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