Hi all,
The business type that I am in has been changed to protect my story, but my business type is similar.
I purchased a business a few years ago for $60,000. The business included the building, and the equipment necessary to operate. Lets say the type of business was a low power TV station. (It's not, but the basics are the same.)
This part is real: I live in the building that contains the business. I actually file a homestead exemption on the building for property tax purposes and have since I purchased the business. I have no other house, land, or property. All I really have is my business.
I then tried to purchase a second low power TV station but the deal fell through and the 2nd station was repossessed. I still own the 1st station fair and square but I no longer have any money to operate. I ended up being sued for breach of contract for $60,000. The seller of the 2nd business won and is now trying to collect a judgement.
The homestead exemption in my state is $75,000, and I'm allowed to keep $10,000 in misc property including items needed to run my business.
I don't have more than $10k in property. I lead a simple life.
As you remember, my business which is also my home was only $60k total.
If I file a chapter 7, is there any chance that I could lose my first business? It's all that I have. I don't even have a vehicle.
Just my business, and the assets needed to run that business which has become my life. Both SEEM protected under current law. Please help me protect what I've worked for.
The lawyer that I've talked to for consultation thinks I have a 90% chance of being able to continue operating my business and getting debts discharged in a chapter 7 - most importantly the judgement. If it matters, I make a very basic salary (a little less than $1,000/month), and the business is entirely me. If I were not involved, there would essentially be no business.
Thank you.
The business type that I am in has been changed to protect my story, but my business type is similar.
I purchased a business a few years ago for $60,000. The business included the building, and the equipment necessary to operate. Lets say the type of business was a low power TV station. (It's not, but the basics are the same.)
This part is real: I live in the building that contains the business. I actually file a homestead exemption on the building for property tax purposes and have since I purchased the business. I have no other house, land, or property. All I really have is my business.
I then tried to purchase a second low power TV station but the deal fell through and the 2nd station was repossessed. I still own the 1st station fair and square but I no longer have any money to operate. I ended up being sued for breach of contract for $60,000. The seller of the 2nd business won and is now trying to collect a judgement.
The homestead exemption in my state is $75,000, and I'm allowed to keep $10,000 in misc property including items needed to run my business.
I don't have more than $10k in property. I lead a simple life.
As you remember, my business which is also my home was only $60k total.
If I file a chapter 7, is there any chance that I could lose my first business? It's all that I have. I don't even have a vehicle.
Just my business, and the assets needed to run that business which has become my life. Both SEEM protected under current law. Please help me protect what I've worked for.
The lawyer that I've talked to for consultation thinks I have a 90% chance of being able to continue operating my business and getting debts discharged in a chapter 7 - most importantly the judgement. If it matters, I make a very basic salary (a little less than $1,000/month), and the business is entirely me. If I were not involved, there would essentially be no business.
Thank you.
I'll be watching, you may never know when or how, but I'll be there. I am there now....
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