Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Your question is in the Bankruptcy section.
1) Are you asking if you have the option to file a Bankruptcy?
2) If so, how many are in your household?3) What is the total gross annual income for your household?
4) How much equity does your car have? (Equity is the current market value minus the balance - if any - of the car loan.)
5) Are you currently renting your home?
1. If I file bankruptcy can I do it from a business perspective or is it personal bankruptcy?
2. 3 counting a college student.
3. Income approx. 150K per year
4. Both cars paid for no loans. value = about 20K
You would have to file a personal Bankruptcy, as there is no reason to file for a business that has already closed, and has assets.
There are 2 major types of Bankruptcy - Chapter 7 and Chapter 13. With a Chapter 7, the debtor pays nothing to have his debts discharged. With a Chapter 13, the debtor must pay all disposable income (net take-home pay minus allowable expenses) to the Bankruptcy court for 5 years. At the end of the 5 years, the unsecured debts can be discharged.
Given the information you provided, your income is too high for a Chapter 7 (maximum of $55,764 for a family of 3 in Georgia), but you would be able to file a Chapter 13.
I think this is what you wanted to know. If not, please let me know.