Legal Question in Bankruptcy in Texas

sole proprietor fileing s corpand personal bankruptcy

I have a small business in my home. I am a sole proprietor and would like to file for an s corp. however my personal credit card debt have gotten out of hand and I am considering fileing personal bankruptcy. Is this possible,considering my business is in my home? How would I go about it and what would the cost be? If so which chapter of bankruptcy should I file? Should I get the s-corp first?

Yor help would be greatly appreciated


Asked on 6/23/05, 3:38 pm

1 Answer from Attorneys
Dinesh Singhal Singhal & Associates

Re: sole proprietor fileing s corpand personal bankruptcy

Please understand that there is no distinction between you personally and your business that you run as your sole proprietorship (unless it is incorporated). So you file one bankruptcy and it covers all the debt.

You can call my office to set up an appointment. I need to know the nature and amount of debt and your assets to quote you a fee. It could be in the range of $1125-$1750.

Thanks.

Dinesh Singhal

713-222-8500

Licensed to practice in Texas, California & New York

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Answered on 6/24/05, 1:53 pm


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