Legal Question in Bankruptcy in California
Self-employed
Is it harder to file bankruptcy if your self-employed? I wanted to file with my spouse and was told that it is harder to file when you are self employed.
2 Answers from Attorneys
Re: Self-employed
The trustee who handles your Chapter 7 bankruptcy probably will want to see your income tax returns for 2-3 years. You'd also have to disclose any inventory you might have. I haven't encountered other problems because of self-employment. I'll be setting up shop in the Bay Area in a couple of weeks. You can call me if you need further info. (310) 858-9771.
Re: Self-employed
There's more work involved (some extra questions to answer on the petition), and the bankruptcy trustee will probably want to see past tax returns and perhaps bank statements to verify your information about the business. However, it should not be more difficult to get a discharge.
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Personal bankruptcy with LLC and business debt I need to file a Chapter 7... Asked 7/16/05, 12:28 pm in United States California Bankruptcy Law