How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39145
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Currently on unemployment, living off of selling my possessions

This answer was rated:

Currently on unemployment, living off of selling my possessions and unemployment check. I have consumer debts of about 180k, and business debts (through guaranteeing the loan(sometimes with stock collateral, but that is now worthless, signed some person guarantee's for other business expenses, totaling approx, 500,000.

I don't see anything complicated about your case. If your business is separately incorporated, but it has no assets, then you can just wind it up, dissolve the corporation with the Secretary of State and tax authority, do a personal Ch. 7 and you're done. And, if you're business isn't separately incorporated, then it's still just a straight Ch. 7.


Unless I'm missing something, because you're not disclosing it, find a local bankruptcy atorney and you should be good to go.


Customer: replied 8 years ago.
The business is already in chapter 7. It was a public company, I was the founder. Change in management in March. They should be done end of this month with thier liquidation. Does that change things?

Not really, unless you will be receiving substantial assets from the company in liqidation that would change your personal situation. Otherwise, I still don't see a problem.


socrateaser and other Bankruptcy Law Specialists are ready to help you