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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I dont have any income for the past 6 months since I closed

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I don't have any income for the past 6 months since I closed my business which was not profitable. I have about 150K in the bank, but 500K in home equity lines I took against my 3 properties for business with intention to repay. Unfortunately, the business went south and about 2 years ago I stopped paying monthly payments, because I just could not make it. Will I qualify for BK with these assets?

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

cfortunato :

If you file a Bankruptcy, you would be able to keep only $12,000.

Customer:

what if the money in my business account which is a corporation?

cfortunato :

Are you the sole owner of the corporation?

Customer:

yes

cfortunato :

Thank you for your response. If you are the sole owner of your corporation, that means you own everything the corporation owns, and the Bankruptcy court would be able to take any money (less $12,000) that is in the corporation's bank account.

cfortunato and other Bankruptcy Law Specialists are ready to help you