Legal Question in Bankruptcy in Michigan

Chapter 7 and owning a business

I have about $35,000 in credit card debt in my name alone. I am not on the Mortgage Loan but I am on the deed to the house. I just stated a LLC with an EIN but it is considered a Sole Proprietor LLC. This company is new and does not have any debts or assets up to now. My question is can I file individual chapter 7 without loosing my house, hurting my husband's credit, and without affecting my business. The business is in my name alone.


Asked on 1/15/04, 11:10 am

1 Answer from Attorneys
Janet Ziulkowski Ziulkowski & Associates, P.L.C.

Re: Chapter 7 and owning a business

In many cases, one spouse can file bankruptcy without affecting the non-filing spouses credit. And depending on how much equity you have in your house there is a good chance you will be able to keep the house as well. In regards to your business, that could become an asset of the bankruptcy estate, but depending on the value you may be able to keep it.

I provide free consultations. If you would like to discuss this in further detail, call me at 586-992-9981.

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Answered on 1/15/04, 11:15 am


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