Questions about Chapter 7

[lookingforward]

My husband is a sole proprietor. The business is not making money. I did the means test and we passed, showing a huge negative number in the bottom line. I'm assuming we can file chapter 7 then with no problem. My questions are, how will that affect the business, assuming we can keep it going? Will the court want our business equipment? It's not worth much. Also, I have a small piece of property that is inherited. I owe more than it is worth and the payments are current on the loan. Should I worry about the property?

[d80indebt]

Please, someone correct me if I am wrong, but I think it depends on your state.

[PaKettle]

Check the internet for exemptions in your particular state. Check several sites because some are outdated, the biggest exemption is usually the newest but check dates if you can.
Get a free consultation with an attorney (many will do it by phone, some in office; ask first if it's indeed free!) to discuss your options. Usually you can keep a property you live on, but other properties have to go - UNLESS you have a big cash exemption or wild card exemption in your state that will cover it.