Posted on
September 28, 2009
at
3:38 am
hello, how can my business be saved from bankruptcy? i'm running a sole proprietorship business. my debts are mostly loans..i also have huge credit card debts that are already delinquent. i was thinking if i file bankruptcy liquidation, then i'd just start over after, at least i won't face lawsuits or whatnot from the lenders..
Posted on
September 28, 2009
at
5:38 am
How to avoid filing a sole proprietorship bankruptcy?Have you spoken with your lenders yet? Letting them know of your financial difficulty might save you from filed a lawsuit against. Try to negotiate your payment terms. As for your credit card debts, I think that you should seriously look into debt settlement, as your accounts are already delinquent and it appears as if it also amounts to more than $10,000.
Posted on
September 28, 2009
at
5:43 am
If you're married.One thing about filing a sole proprietorship bankruptcy is how it might affect your spouse. Sole proprietorship bankruptcy is like an individual bankruptcy. Your debts would be discharged but if there's a remaining debt, the creditors would collect from your spouse. Especially in a Community Property state.How to avoid filing a sole proprietorship bankruptcy? I agree with Ever After, you should get a counseling first and then negotiate.
Posted on
September 28, 2009
at
5:48 am
Another thing about filing a sole proprietorship bankruptcy - if you have credit cards for the business and credit cards for personal use - all of them should be included in your filing. Your business liabilities and personal ones are one and the same.But I think that you should really speak with a debt expert first before doing anything. For all you know bankruptcy might be the right debt relief solution for your case.
Posted on
September 28, 2009
at
5:50 am
I think you can file either a Chapter 7 or 13 for your sole proprietorship bankruptcy - but not Chapter 11.
Posted on
September 30, 2009
at
6:53 am
why not file for chapter 11 in a sole proprietorship bankruptcy?
