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My husband and I own a S-Corporation in California. We are

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My husband and I own...
My husband and I own a S-Corporation in California. We are having a hard time paying all of our bills and and thinking of declaring personal bankruptcy, but we would like to know how this will effect our business, or if they will go after the business at all.
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 3 minutes by:
11/2/2009
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
Experience: Bankruptcy Lawyer. Experienced.
Verified

Hello,


Your business would be considered an asset in your bankruptcy. Whether you can keep the business depends upon the value of the business and the type of bankruptcy that you file.

 

As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.

 

A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.

 

A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured credit card debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.


Here are the exemptions for California:
http://www.bankruptcyinformation.com/CA_exemp.htm

 

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER
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Customer reply replied 8 years ago
We want to keep our business, its our only source of income. Neither us nor the business really have any assets. Will we be able to keep our business open?
Bankruptcy Lawyer: Ellen, Attorney replied 8 years ago
Hello,

Yes it appears that you would be able to retain your business. You will want to retain local counsel to assist with the filing
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Ellen
Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36,715
36,715 Satisfied Customers
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