Will I lose my house and car if I file bankruptcy in my sole proprietor owned business?

Asked over 5 years ago - Central, SC

I am seriously afraid I am going to have to close my buisness. I work 2 other jobs, and am paying my bills at home, however I have a $17,000. credit card debt in the shop. I intend to sell as much as I can before closing the doors, but do not see it being able to cover that debt. How will filing for bankruptcy at the business affect my personal property?

Attorney answers (1)

  1. E. Brian Davis

    Contributor Level 14

    Answered . There is not enough information to give you a complete answer to your question. Is your business incorporated? Or is it a proprietorship? Did you personally guarantee the business's debts (especially the $17,000 credit card debt)?

    You are in a difficult situation and it may be more complicated than you think. Use the Attorney Locator Service at the National Association of Consumer Bankruptcy Attorneys website (see link below) to find a qualified local lawyer who offers free initial consultations. Then take advantage of the free consultation so you know exactly where you, and the business, stand.

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