Legal Question in Bankruptcy in Nebraska

chapter 7-personal- while owning my own business

I have $28,000 credit card debt due to divorce. I am thinking about filing chap 7. I own my small business free and clear.Credit to bad to qualify for a loan.How or will chapter 7 affect my business.I own the equiptment and commerical building.Will I be able to keep all this free and clear,and later will i be able to sell it later in years without losing any of it.It is my only sorce of income. Thanks


Asked on 9/01/02, 11:11 pm

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: chapter 7-personal- while owning my own business

The answer to this question is going to depend on whether or not your business is incorporated. If so, the corporation is a separate entity and would not have anything to do with the bankruptcy. If not, you are essentially the company and since you would be filing bankruptcy the company would in effect be filing as well. You could probably keep a substantial part of the business' property (equipment, etc.) by your attorney stating that such property was key property of your trade/livelihood. Please feel free to call me toll free to discuss your situation in more detail. I am available to handle cases in Nebraska (UNL law school grad) ph. (800) 303-0720

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Answered on 9/02/02, 11:16 am


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