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I have a tax debt and closing down my business finish on the…

Customer Question
I have a tax...

I have a tax debt and closing down my business finish on the 6oct can I go bankrupt without losing house and car

Lawyer's Assistant: What state are you in? And has anything been officially filed?

I have only just bought the house queensland

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

Apparently i had a message from debt solutions saying that qld district court writ notice of intent to sue

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No just want to know how i go

Submitted: 7 months ago.Category: Bankruptcy Law
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Answered in 2 hours by:
9/19/2017
Bankruptcy Lawyer: Pheobe Clark, Attorney replied 7 months ago
Pheobe Clark
Pheobe Clark, Attorney
Category: Bankruptcy Law
Satisfied Customers: 128
Experience: Attorney at Pheobe A Clark Attorney at Law
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Thank you for submitting your question. Typically it would depend on what type of business you have. If you are a sole proprietor, you can include the business debt in a personal Chapter 7 bankruptcy. Any pending court cases or judgments can be included as creditors on the bankruptcy petition and all will be discharged normally. However if you have a different kind of business entity you may have to re-organize for file a Chapter 11 to address the business debt. And either scenario you should not lose your house or your car because under the bankruptcy laws in the United States there are certain exemptions that a person can claim such as the homestead exemption for their house and your car up to a certain value. Therefore The short answer is yes you can include the business that in a personal bankruptcy claim and still retain some of your personal property.
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Bankruptcy Lawyer: Pheobe Clark, Attorney replied 7 months ago
If you are satisfied with my response and I have provided adequate service to you please reward me with a positive rating!! thanks!!
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Customer reply replied 7 months ago
I am a sole trader security contractor
Bankruptcy Lawyer: Pheobe Clark, Attorney replied 7 months ago
If you are a sole proprietor, not an LLC or inc., then you have personal liability for the business debt.Therefore it would appear that you can include the business in your personal chapter 7 bankruptcy filing and still protect some of your property using the exemptions such as the homestead exemption and the car exemption; and there's a number of other exemptions that vary by state.
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Bankruptcy Lawyer: Pheobe Clark, Attorney replied 7 months ago
If you are satisfied with my response and I have provided adequate service to you please reward me with a positive rating!! thanks!!
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Bankruptcy Lawyer: Pheobe Clark, Attorney replied 7 months ago

I hope that you were satisfied with my response? If so, please reward me with a positive rating? Thanks in advance!!

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Category: Bankruptcy Law
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