Legal Question in Bankruptcy in Ohio

bankruptcy options

I would like to know what the bankruptcy options are for the state of ohio pertaining to small businesses. We are a sole proprietorship. Also what jepordy is my private home in when it come to bancruptcy?


Asked on 3/07/02, 5:38 pm

1 Answer from Attorneys

James Magee James V. Magee, Jr., Attorney at Law

Re: bankruptcy options

As a sole proprietorship you can file a Chapter 7 (complete discharge of all debts, and liquidation of all assets- subject to specific exemptions); Chapter 13 - wagearner's program of old - you schedule a debt repayment program through bankruptcy court and Chapter 11 - business bankruptcy - depending upon debts and assets you may wish to file this form. As to your house it depends on how much equity you have in your house as to whether or not you can save it. It also depends on the type of bankruptcy you file. unfortunately from the sparse information you have listed I cannot be more specific.

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Answered on 3/07/02, 6:01 pm


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