If I were to file Chapter 7 bankruptcy personally how would that affect a business that I have. It is a sole proprietorship that has inventory. Would filing bankruptcy claim my inventory? Also, with Chapter 7, can I keep my home (with mortgage) and my car?
Country relating to Question: United States
State (if USA): Maine
Since your business is a sole proprietorship the assets of the business would be listed as your assets on the bankruptcy, as to your he and car most likely you can keep them depending on their values, the amount of the loans, and the amount of equity you have in both. The trustee interested in unprotected property or equity that can not be protected with your available bankruptcy exemptions. The unprotected property or equity can be sold to pay creditors.
Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
Thank you for your response, but I am unable to rate your answer. When I click on the "smiley face" and then hit submit, it just says "Saving" but never registers my response. I had this problem with another question and they sent me an email and that worked.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).