Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

My wife and are married two years ago. We currently operate

Customer Question
My wife and are married...
My wife and are married two years ago. We currently operate an LLC in RI as co-owners. She has credit cards and a bank account in her name only. I have credit cards in my name only. My question is can I file individually for a chapter 7? We have no income except for the business and we started it only 6 months ago. Some business purchases were made with her credit card initially. I do not want to file bankruptcy if it will negatively affect our business--loss of assests etc. For example, we have a delivery service and purchased the van for cash--out of an account in her name only. If I file personal bankruptcy, can the van be taken from the business? We have only about 5K in cash with the business now and I have credit card debt (9 years old) of approximately $40,000. thanks.
Submitted: 9 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 8 minutes by:
10/4/2008
Bankruptcy Lawyer: VanDLaw, Attorney replied 9 years ago
VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
Verified

HelloCustomer

 

I will be happy to assist you. First, you can file bankruptcy individually if married. Your Wife's debts that are solely in her name would not be discharged, and any debts you hold jointly would then be her sole responsibility.

 

The LLC and assets and debts owned by the LLC are not included in your personal bankruptcy, so any debt owed your company is also not included and will not be discharged. Any assets owned by the company, such as the Van, if it was purchased by the LLC would most likely not be a part of the bankruptcy.

 

However, your interest in the LLC is an asset of your bankruptcy estate. It will depend on the LLC's worth, the bankruptcy court is looking for assets to liquidate to pay creditors. There are also exemptions available under your state's laws, so you may be fine, but the LLC will have to be listed on your schedules. There is really no way to know without having a consultation with a bankruptcy attorney in your area.

 

NOTE: Your credit card debt may be outside of the statute of limitation for collection, so it may be a non-issue.

Ask Your Own Bankruptcy Law Question
Bankruptcy Lawyer: VanDLaw, Attorney replied 9 years ago
The statute of limitations for open accounts (credit cards) in Rhode Island is 10 years. If the do not have a judgment yet, they may be getting ready too, because after 10 years they cannot obtain a judgment.
Ask Your Own Bankruptcy Law Question
Ask VanDLaw Your Own Question
VanDLaw
VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
833 Satisfied Customers
Experience: Chapter 7 & 13

VanDLaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,672 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I have a lawyer who filed a chapter 7 for us and now wants
I have a lawyer who filed a chapter 7 for us and now wants us to ask for the 7 to be dismissed or converted to a 13. He's a nice guy but i have a bad feeling that he has made some mistakes. I need hel… read more
socrateaser
socrateaser
1,031 satisfied customers
I filed for bankruptcy and qualified for Chapter 7. In the
I filed for bankruptcy and qualified for Chapter 7. In the process the Trustee found a date left off on my Deed of Trust. He filed for an Adversary Proceeding and I received a letter today stating he … read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
I am considering filing a chapter 7 personal bankruptcy. I
I am considering filing a chapter 7 personal bankruptcy. I know some years ago there were some changes in the bankruptcy laws. What I need to know, first of all, is how much money can be retained in a… read more
LegalGems
LegalGems
Juris Doctorate
10,165 satisfied customers
I filed chapter 7 bankruptcy in December 2009, and left off
I filed chapter 7 bankruptcy in December 2009, and left off a creditor who is now seeking garnish wages. The creditor was left off. It's a friend that file through the sheriff dept in California. Am I… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I have huge credit card debt. I make alot of money also. All
I have huge credit card debt. I make alot of money also. All my bills are current. The credit card companies have raised the intrest rate to 25.99%. Can I declare bankruptcy?… read more
TaxAttorneytoHelp
TaxAttorneytoHelp
Owner
Doctoral Degree
2,542 satisfied customers
Chapter 7 Bankruptcy in Utah. Now that I have filed for
Chapter 7 Bankruptcy in Utah. Now that I have filed for Chapter 7 bankruptcy what happens to my house? I am upside down in my house and have vacated the property. Does my house still go into foreclosu… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,807 satisfied customers
I've got approx. $30,000 credit card debt. i live on $749 a
i've got approx. $30,000 credit card debt. i live on $749 a month social security disability. i've got a home morgage of like $69,000. i've been using the credit cards to make ends meet. the credit ca… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Interested in information concerning personal chapter 7
interested in information concerning personal chapter 7 bankruptcy as a member of a 50/50 LLC … read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers
This is a bankruptcy question. Filed Chapter 7, made
This is a bankruptcy question. Filed Chapter 7, made payments to trustee, finished payments, scheduled this month for the discharge hearing. Problem: one creditor has a lien on our home. What if anyth… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
Regarding my chapter 7 ProSe on the Reaffirmation $2000
Regarding my chapter 7 ProSe on the Reaffirmation $2000 behind on payments, $6000 equity in car Obviously, we don't want to be Repo'd with all that equity.My husband went to the reaff hearing today an… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
Regarding my chapter 7 Reaffirmation hearing tomorrow,
Regarding my chapter 7 Reaffirmation hearing tomorrow, husband is going without me. $2000 behind on payments, 6000 equity in car. When I try to talk to the people at "ascension capital" who do Cap1's … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
17,979 satisfied customers
This is a Chapter 7 question. The Debtor was unemployed for
This is a Chapter 7 question. The Debtor was unemployed for 4 of the last 6 months, having worked the last 2 months. Her currently monthly income amount is above the local median, but averaged over th… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,672 satisfied customers
My parents filed chapter 7 bankruptcy. They received a
My parents filed chapter 7 bankruptcy. They received a letter back from the attorney they hired and the letter stated, "they are over the limit on the allowable exemptions for a chapter 7".What does t… read more
Ray
Ray
Lawyer
Doctoral Degree
30,219 satisfied customers
In Utah there is a statute of limitation with respect to
In Utah there is a statute of limitation with respect to collecting on a note. If the creditor has made contact with the debtor during the period does that protect the creditor from having the statute… read more
Ely
Ely
Counselor at Law
Juris Doctor
266 satisfied customers
I filed personal bankruptcy chapter 7 in 2011 and chapter 13
I filed personal bankruptcy chapter 7 in 2011 and chapter 13 in 2012. I receive a discharge for chapter 7 in 2012 and paid off my chapter 13 obligation in 2016. I did not not receive a discharge in th… read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers
I have substantial credit card debt, and i am currently
I have substantial credit card debt, and i am currently unable to make the monthly payments.… read more
Ray
Ray
Lawyer
Doctoral Degree
30,219 satisfied customers
I have over $100K of credit card debt and my revenues do not
I have over $100K of credit card debt and my revenues do not allow me to pay my debts. If I file for personal Bankruptcy, will I be able to keep my LLC and a business bank account? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
5,921 satisfied customers
Personal Bankruptcy Chapter 7 in Florida, owner of a
Personal Bankruptcy Chapter 7 in Florida, owner of a one-person S-Corp services business. In filing Ch 7 (Personal) BK I understand I will relinquish all non-exempt personal assets. Question is on S-C… read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers

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).

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).

Show MoreShow Less

Ask Your Question

x