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If one files bankrupcy in Texas, and has two businesss, wil…

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If one files bankrupcy in...
If one files bankrupcy in Texas, and has two business's, will both business's be considered for exempt status or just one?
Submitted: 7 years ago.Category: Bankruptcy Law
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Answered in 29 minutes by:
9/7/2010
Bankruptcy Lawyer: Bill-the-CPA,
 replied 7 years ago
Bill-the-CPA
Category: Bankruptcy Law
Satisfied Customers: 296
Verified
Chat Conversation Started
William Ellis, CPA :

Hey Don,

Customer :

Hello

William Ellis, CPA :

Don, I started to answer you, but I realized I cannot give you an authoritative answer. I don't know enough about the bankruptcy laws in Texas to give you any guidance.

Customer :

Thanks anyway.

William Ellis, CPA :

Good luck.

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Bankruptcy Lawyer: cfortunato, Attorney replied 7 years ago
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8,023
Experience: Bankruptcy professor.
Verified

Hi donellis,

Whether one's business(es) will be exempt in a Bankruptcy filing depends on the market value of those businesses, that is, whether or not and for how much the business(es) can be sold. It does not matter how many businesses the debtor has, as there is no limit on this.

In other words, both businesses can qualify for exempt status.



Edited by cfortunato on 9/9/2010 at 2:45 AM EST
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