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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2602
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Can I file the bankruptcy protection if my 1

Customer Question

Can I file the bankruptcy protection if my 1 company/business is a startup in healthcare and my real estate business in not bad but struggling and still needs cash infusion somewhat like may b$350/month still after already spending over $40,000 however I have $110,000 salary and 5 dependents including my paralyzed father whom we take care of at home and about $75000 debt. Once my license gets approved which is pending with govt since last July 2015, I could make good money and recover but, currently its stuck in hearing and certification process despite I have everything ready..So, any suggestion..I hate to file BK and I hate to quit my 2nd job and I wish my business gets approval from govt but, until then, can I file for bankruptcy protection and still keep business and everything? The business is with partners but, I am majority owner and also expert and main knowhow person for the business.
Submitted: 7 months ago.
Category: Bankruptcy Law
Customer: replied 7 months ago.
Did I mention, already paid lawyer fees of $9000?
Customer: replied 7 months ago.
To get the license in business and spent $40,000 in real estate lately and another $12,000 in business processes.
Expert:  Phillips Esq. replied 7 months ago.
Could you clarify? Are you asking about a personal bankruptcy or business bankruptcy? If business bankruptcy, is your business incorporated/Limited Liability Company/Partnership, etc? Did you personally guarantee any loan for the business? Are you married? If so, does your spouse work? If so, how much does your spouse earn?
Customer: replied 7 months ago.
Personal bankruptcy. I am not married. My ex wife lives with me but, she wl file separate.I have debt from 2008 that's lingering. My rental properties are not making money for which I am only 20% partner & personally, I am pitching in about $350/month at least and already poured $40,000 since 2008 that I need to collect from my partners as they are not pitching in.Now, I have new since last 1.5 yr a healthcare business where its outpatient care center, independent living- senior care ctr that I am trying to start and it will be a good business this yr as I got license in 1 project and in 3 months will get license in 2nd complimentary project so, by December =this business will make good money and I will be debt free.
Its like, I have the start up business that I incurred costs in the start up phase from my own money.So, I am inviting partners for this business but, need to make sure that collectors don't prematurely attack the business when its in early phase as its very rewarding once license is issued but, I don't want people taking advantage of it as even though its not making any money this month, By October-December, it will make Real good money.
So, I can file Bankruptcy, pay some and then, in December, I will come out of it.
Expert:  Phillips Esq. replied 7 months ago.
Thank you for the information. However, I will opt out and give another Attorney the opportunity to further assist you.

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