Re: Sole Propreitor Business Bankruptcy

Although your question is complicated, it is almost certain that there is some type of bankruptcy solution that will permit your wife to continue operating her business and for you and your wife to keep your house. There may also be some non-bankruptcy options that you have not considered.

However, the devil is in the details. Will it take a filing by one of you or both of you in bankruptcy? Will it take a filing or filings in chapter 7, chapter 13, or chapter 11? Is there a non-bankruptcy option that you have not considered? Is there a combination of bankruptcy and non-bankruptcy options that would work?

You should contact a bankruptcy attorney very quickly -- frequently proper planning requires time -- so don't wait until the foreclosure or other action has been scheduled to start your planning (on the other hand, you should contact someone even if a legal action has already been initiated against you -- that just means that you should call someone even quicker).

Lawrence R. Holzman, Esquire

Joseph, Greenwald & Laake, P.A.

6404 Ivy Lane, Suite 400

Greenbelt, MD 20770

(301) 220-2200

fax (301) 220-1214

Disclaimer: Please note that the posting of this response is not intended to constitute legal advice. You should contact an attorney to obtain information applicable to your situation. This posting is not confidential or privileged and does not create an attorney/client relationship.

Re: Sole Propreitor Business Bankruptcy

If the business is truly your wife´s, you should be able to file alone. Without more details, I can´t say if you could keep your house, but the answer is most likely that you can if you keep up the payments. Feel free to call me to discuss this further - we represent clients in business and personal bankruptcy matters throughout MD, DC, and VA. In Cumberland, MD: 301-722-3200; in McLean, VA: 703-734-3800.