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

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?

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Attorney answers 1


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.