Legal Question in Bankruptcy in California

Can I file bankruptcy and still own a business

I am $35000 in debt from two credit cards. I have a home and a vehicle for my children and myself. I have an oppertunity to start a business with my fiance. He is putting up the money and I will be doing everything except the labor. Can I file bankruptcy and still have a business in my name? And can they take our home from us?


Asked on 10/17/03, 1:11 pm

3 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Can I file bankruptcy and still own a business

The answer depends on the value of your home, the amount of liens an encumbrances against it, and the value of all your other assets as well as the inventory, equipment, etc. of the business or your interest in it (depending on whether it is a corporation, partnership, or just a dba.

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Answered on 10/17/03, 1:15 pm
Chris Johnson Christopher B. Johnson, Attorney at Law

Re: Can I file bankruptcy and still own a business

There are exemptions in California that will allow you to keep up to certain limits of equity in property, including business interests, real estate, cars and business-related property. The exemptions depend on your situation and the types of assets you have, so I'd recommend consulting with a bankruptcy attorney to see whether you could keep everything, and the timing of starting the new business.

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Answered on 10/17/03, 1:21 pm
Robert F. Cohen Law Office of Robert F. Cohen

Re: Can I file bankruptcy and still own a business

I would need a good deal more information before I can give you an answer to your question. At least you're asking the right questions before doing anything. Feel free to give me a call at (310) 858-9771 to discuss, no obligation. -Robert

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Answered on 10/17/03, 2:36 pm


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