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cortrightlaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 513
Experience:  Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.
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If I were to file Chapter 7 bankruptcy personally how would

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If I were to file Chapter 7 bankruptcy personally how would that affect a business that I have. It is a sole proprietorship that has inventory. Would filing bankruptcy claim my inventory? Also, with Chapter 7, can I keep my home (with mortgage) and my car?
Since your business is a sole proprietorship the assets of the business would be listed as your assets on the bankruptcy, as to your he and car most likely you can keep them depending on their values, the amount of the loans, and the amount of equity you have in both. The trustee interested in unprotected property or equity that can not be protected with your available bankruptcy exemptions. The unprotected property or equity can be sold to pay creditors.
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Customer: replied 5 years ago.
Thank you for your response, but I am unable to rate your answer. When I click on the "smiley face" and then hit submit, it just says "Saving" but never registers my response. I had this problem with another question and they sent me an email and that worked.