Legal Question in Bankruptcy in Florida

Only Business Debt Is Owners' Home Equity Loan
My husband and I own a small service company where he is the VP and only employee, and I am president. We are right at the 3 year mark and still the business income barely covers the business operating expenses. My husband rarely collects a check from the business, and I have lost the full-time job that paid all our personal expenses for the past 3 years. The only outstanding debt the business has is to us as owners, we used a home equity loan to start the business. Is filing chapter 7 right for us, and do we need to disolve our S corporation in addition to filing bankruptcy?

Asked on 4/06/02, 11:50 am

Anthony Comparetto Comparetto Law Firm

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Re: Only Business Debt Is Owners' Home Equity Loan

Bankruptcy could help but before you make that choice you should sit down and make a debt plan with a qualified bankruptcy/debt attorney

Answered on 4/06/02, 7:17 pm

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