Legal Question in Bankruptcy in New York

I would like to file for Chapter 13 bankruptcy, but don't think we would qualify because my husband is self-employed. He is actually the sole owner of an LLC. It is a service company so there are no real assets except for a couple of computers, and the small paychecks that my husband brings home.

We would like to file for Chapter 7 bankruptcy, but need to stay in business to make money. Will my husband lose the business. We don't want to include any of the business debt in the bankruptcy, we just need help with our personal debt. He has established a name he is doing business under and we don't want that to be affected.

Asked on 10/15/09, 10:13 pm

1 Answer from Attorneys

Robbie Vaughn Law Firm of Vaughn & Weber, PLLC
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You may qualify for chapter 7 if you pass the means test (based on income).

You may qualify for Chapter 13 depending on the amount of your debts.

There is a good chance you can stay in business.

You will have to list all personal debts (even those incurred for the business. However, there is nothing to prevent you from paying any of your debts even after discharge.

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Answered on 10/21/09, 4:46 pm

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