Hey all. I, like most everyone here have been struggling with a decision regarding BK... namely Chapter 7.
I own a small business that literally only makes about enough for me to survive, which is why my credit cards got so out of control in building the business. I have two main questions I can't seem to find answers to on the site.
1) Will I lose my business? I don't live in a home, I have a trailer to carry gear, I'm reaffirming my car, and I have a van that was a gift from my father (which is a crucial part of the business) The business is a mobile DJ business and It's all I do. I have 3 sound systems that are paid for and my credit card debt is from years of consolidation loans and continuing to run them up. I was current until last month on payments. What should I do on listing the van and the assets and are they at risk?
2) How do you assess just how much your assets are worth? My sound gear definately depreciates over time.
Any help anyone could offer would be greatly appreciated!! I still haven't met with a lawyer over any of this. But the things I read online scare the piss out of me to be completely honest. This business is all I have... I've made mistakes and learned from them. I just want a second chance with my biz intact.
Thanks again.
I own a small business that literally only makes about enough for me to survive, which is why my credit cards got so out of control in building the business. I have two main questions I can't seem to find answers to on the site.
1) Will I lose my business? I don't live in a home, I have a trailer to carry gear, I'm reaffirming my car, and I have a van that was a gift from my father (which is a crucial part of the business) The business is a mobile DJ business and It's all I do. I have 3 sound systems that are paid for and my credit card debt is from years of consolidation loans and continuing to run them up. I was current until last month on payments. What should I do on listing the van and the assets and are they at risk?
2) How do you assess just how much your assets are worth? My sound gear definately depreciates over time.
Any help anyone could offer would be greatly appreciated!! I still haven't met with a lawyer over any of this. But the things I read online scare the piss out of me to be completely honest. This business is all I have... I've made mistakes and learned from them. I just want a second chance with my biz intact.
Thanks again.
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