Legal Question in Bankruptcy in California

File Business/Personal bankrupcy? Dec. 31,2002

Goal

To keep my home, car and business.

Facts

I own my own business [7 yrs.] It is not incorporated.

Cambridge Credit Counselors negotiated payment terms with my creditors but my two business accounts,Wells Fargo & 1st USA

[Debt = 50K] refuse to negotiate with Cambridge.

The only option left, unfortunately, is bankruptcy.

Questions

1] Do I need to file bankruptcy against my business and personal?

2] Would �incorporating� at this point help?

3] Would it be best to file NLT Dec. 31,2002, before the laws change?

4] What Chapter[s] would I be filing for?

5] Will bankruptcy get me out of a �business equipment� lease? This lease keeps accruing charges.

The equipment has not been used for over one year & I would like to return it.

Thank You,


Asked on 12/18/02, 5:43 pm

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: File Business/Personal bankrupcy? Dec. 31,2002

1. There is no difference between your business and personal, so if you filed bankruptcy it would be for everything; 2. It might, but there's no way to answer that without first having a comprehensive consultation; 3. There are no laws changing as of this time. 4. There's no way to answer that without a consultation. 5. Yes, it can.

If you would like a consultation, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule a time.

Regards,

Mark

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Answered on 12/18/02, 5:49 pm


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