Legal Question in Bankruptcy in California
Chapter 7 Bankruptcy
My husband and I use to have a business together, it went under. Now we are forced to file a chap 7 on both our consumer and business debts.
Our business was a partnership but a partnership as husband and wife. Can we file as individuals (joint debtors) eventhough we are trying to discharge some business debts?
On the petition can we list our names followed by DBA and then our business name eventhough we would be filing as individual joint debtors?
The voluntary petition asks if we have more consumer debts or business debts. We have more individual creditors under consumer debts but we have more debt (monetary amount) under business debts. So do they mean number of creditors or monetary amount?
1 Answer from Attorneys
Re: Chapter 7 Bankruptcy
As long as you are personally liable for the "business" debts, your personal (joint) Chapter 7 will discharge that liability. You would, of course, list your DBAs in the section that requests "other names".
If more than 50% of the "monetary value" of your debts is for business, then you would check "business".
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