If I file for ch. 7 would I be able to keep 20K in Biz assets?
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May your ups and downs be in bed. -
It depends on many things...
Sole prop, Corp, or LLC?
If corp or LLC, how many owners (are there more than you?)
If you are the only owner of a corp or LLC, you will more than likely have to surrender your business assets, as the trustee will seize your shares of the corporation, and hence all of the business assets.
If you own a corporation or LLC with others, the trustee will probably seize your shares and sell them. It probably will not require liquidation, but you will lose your interest in the company.
If you are a sole proprietor, there ARE no business assets... they belong to you personally. The business is not an entity by itself.
Sorry I don't have better news for you. You do want to consult with a good business bankruptcy lawyer to see just what asset protection options are available to you, if any. If there are none, a chapter 13 may be your best option.Filed 8/08 - Discharged 11/08! Not tracking FICO.
Pre-Bankruptcy Net Worth: -$72,000... Today's net worth: $142,000.
If your FICO score just went higher than your net worth, and you are happy about this, you might have a financial problem! -
Also, ask you lawyer about exemptions. If Sole Prop, Tools of trade and maybe a wildcard.Filed C7 Aug 31 2008
341 Oct 8 2008
Discharged Dec 9 2008
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