Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

Can I file the bankruptcy protection if my 1

Customer Question
company/business is a startup in...
Can I file the bankruptcy protection if my 1 company/business is a startup in healthcare and my real estate business in not bad but struggling and still needs cash infusion somewhat like may b$350/month still after already spending over $40,000 however I have $110,000 salary and 5 dependents including my paralyzed father whom we take care of at home and about $75000 debt. Once my license gets approved which is pending with govt since last July 2015, I could make good money and recover but, currently its stuck in hearing and certification process despite I have everything ready..So, any suggestion..I hate to file BK and I hate to quit my 2nd job and I wish my business gets approval from govt but, until then, can I file for bankruptcy protection and still keep business and everything? The business is with partners but, I am majority owner and also expert and main knowhow person for the business.
Submitted: 1 year ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Customer reply replied 1 year ago
Did I mention, already paid lawyer fees of $9000?
Customer reply replied 1 year ago
To get the license in business and spent $40,000 in real estate lately and another $12,000 in business processes.
Answered in 9 hours by:
4/29/2016
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 19,839
Experience: B.A.; M.B.A.; J.D.
Verified
Could you clarify? Are you asking about a personal bankruptcy or business bankruptcy? If business bankruptcy, is your business incorporated/Limited Liability Company/Partnership, etc? Did you personally guarantee any loan for the business? Are you married? If so, does your spouse work? If so, how much does your spouse earn?
Ask Your Own Bankruptcy Law Question
Customer reply replied 1 year ago
Personal bankruptcy. I am not married. My ex wife lives with me but, she wl file separate.I have debt from 2008 that's lingering. My rental properties are not making money for which I am only 20% partner & personally, I am pitching in about $350/month at least and already poured $40,000 since 2008 that I need to collect from my partners as they are not pitching in.Now, I have new since last 1.5 yr a healthcare business where its outpatient care center, independent living- senior care ctr that I am trying to start and it will be a good business this yr as I got license in 1 project and in 3 months will get license in 2nd complimentary project so, by December =this business will make good money and I will be debt free.
Its like, I have the start up business that I incurred costs in the start up phase from my own money.So, I am inviting partners for this business but, need to make sure that collectors don't prematurely attack the business when its in early phase as its very rewarding once license is issued but, I don't want people taking advantage of it as even though its not making any money this month, By October-December, it will make Real good money.
So, I can file Bankruptcy, pay some and then, in December, I will come out of it.
Bankruptcy Lawyer: Phillips Esq., Attorney-at-Law replied 1 year ago
Thank you for the information. However, I will opt out and give another Attorney the opportunity to further assist you.
Ask Your Own Bankruptcy Law Question
Ask Terry L. Your Own Question
Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,676
2,676 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

Terry L. 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

2,676 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
If I need to declare personal bankruptcy in New York State
If I need to declare personal bankruptcy in New York State and need to protect my business from creditors what should I create a Corporation or LLC ? This is a small one person operation with no emplo… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,807 satisfied customers
My husbank and I own a small cafe in California valued at
My husbank and I own a small cafe in California valued at $40,000 that has been open one year. Neither of us have been able to take a draw or recieve a paycheck yet. I have $80,000 in unsecured debt t… read more
Phillips Esq.
Phillips Esq.
Attorney-at-Law
19,839 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
BANKRUPTCY: 1. What happens to a home based-business (Travel
BANKRUPTCY: 1. What happens to a home based-business (Travel Agent) in Personal bankruptcy, Chapter 7? 2. Can debtor keep a Rental property (Wife only Mortgage) along with their primary residence(Husb… read more
socrateaser
socrateaser
1,031 satisfied customers
We have only income from veterans disability and state
We have only income from veterans disability and state teachers retirement disability we are being overcome with medical bills that seem to only get worse and worse. Someone said even with the disabil… read more
Phillips Esq.
Phillips Esq.
Attorney-at-Law
19,839 satisfied customers
My california based business had to close down due to
my california based business had to close down due to loosing the lease. in addition to the store front that closed, i also own a food truck. right now, we have about 50,000 oustanding loan from small… read more
LawTalk
LawTalk
Attorney at Law
Juris Doctor
128 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
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
I am in need of filing a chapter 11 personal bankruptcy due
I am in need of filing a chapter 11 personal bankruptcy due to abnormal circumstances … read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers
I understand in personal bankruptcy this cannot be done, but
I understand in personal bankruptcy this cannot be done, but In a business to business environment, is it legal to publicize debtors who have filed bankruptcy, such as the company name, principals & a… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
55,439 satisfied customers
If I file chapter 13 bankruptcy, reorganization of debt. And
If I file chapter 13 bankruptcy, reorganization of debt. And I borrowed money from my parents while I owned a business and then paid them back the $15,000. Will the courts make my parents return that … read more
LawTalk
LawTalk
Attorney at Law
Juris Doctor
128 satisfied customers
I am wanting to know if filing a business bankruptcy where I
I am wanting to know if filing a business bankruptcy where I have multiple judgments will that affect my general contractors license … read more
Ray
Ray
Lawyer
Doctoral Degree
30,219 satisfied customers
I filed for Chapter 13 bankruptcy protection in April 2016
I filed for Chapter 13 bankruptcy protection in April 2016 (LA County/San Fernando Valley), got set up with a 60-month plan, and have been making plan payments since April 2016. My questions have to d… read more
socrateaser
socrateaser
1,031 satisfied customers
In personal bankruptcy, what can they take? If you have a
In personal bankruptcy, what can they take? If you have a house and a lot of little things in the house like furniture, clothes, books, etc. All the personal things people normally have that wouldn't … read more
Rovena Andoni
Rovena Andoni
Juris Doctor
10 satisfied customers
I was Personally Suit in a Civil Case - unfortunately the
Hi, I was Personally Suit in a Civil Case - unfortunately the Jury has decided against me . The Judge final hearing is in 30 days on potential damages. Wanted to know the options for bankruptcy protec… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,807 satisfied customers
BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC
BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC partnership filing taxes as a Sub-S be discharged in a Chapter 7? If one of the two equal partners withdraws a large sum of money to pay his own … read more
DrakeLAW
DrakeLAW
Juris Doctorate
835 satisfied customers
If you file for personal bankruptcy in Florida and you own a
If you file for personal bankruptcy in Florida and you own a corporate asset, is that corporate asset considered separate from your personal assets? In other words, is it safe from being taken? Also, … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
How can you file for personal bankruptcy (chapter 7 or 13)
How can you file for personal bankruptcy (chapter 7 or 13) more than every 8 years? Is this possible?… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,807 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