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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2654
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I own a business and due to construction, I am unable to pay

Customer Question

I own a business and due to construction, I am unable to pay for the inventory I have purchased. In addition, I need money to buy new inventory if I am going to continue on in my business. No one will give me a loan. I believe my business is going to prosper, but not without financial assistance. My only choice now is to file bankruptcy. I live in Minnesota. I need to know what items they can take from me. If they take everything in my store, that will be fine. However, I need to know what they will take from my family. Can they take my home and car, furniture, TV, computer, etc.? Thank you. Sue
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Fran-mod replied 6 years ago.

My name is Francine, and I’m a Moderator for JustAnswer.

Thanks for your question!

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Customer: replied 6 years ago.

Definately not going to send more money. If you can't answer this question, you obviously should not be in the business you are. Here are my questions.

1. Can a business run as an LLC file bankruptcy without it affecting my personal credit?

2. If the answer is no, what items from my home are they allowed to take?

3. Specifically, can they take my home that still has a mortgage?

4. Can they take my car which is paid in full?

5. Can they take my husband's car which is paid in full?

6. Can they take the TV?

7. Can they take the computer?

Thank you. I hope that is more direct.

Expert:  Fran-mod replied 6 years ago.
Hello,

I will alert our experts that you have rewritten your question and still seek an answer.

No need to respond to this message. If an expert replies, you will be notified via email.

Regards,

Fran
Moderator, JustAnswer

Edited by Fran-mod on 7/8/2010 at 1:24 PM EST