Posted on: 20th Aug, 2009 06:51 pm
n a business and rent my house out but the money I get for rent just pays the morgage. ( I live with my boyfriend) My business is making no money and I owe thousands, I can close my business but I will cost me alot to close. If I close I have no job no income.What do I do. I owe utilities,Business loan. taxes, Credit cards, you name it I owe it. Can I file a chapter 7? What happens to my renters and I also have 30K equity in my home
At this point you need evauate yoru financial situation and see what thigns you cna get rid off and what you want to keep. Sell stuff makign losses and keep the oen which is making you money
Hi sineadhuff,
You will have to contact a bankruptcy attorney and discuss your financial situation with him. In order to file Chapter 7 bankruptcy, you'll have to clear the Means test. You need to check out if your average monthly income for the last 6 months prior to filing is lower than the state median income for a family of your size. This will let you know whether or not you would be able to clear the Means test.
As far as your renters are concerned, you should inform them that you are planning to file bankruptcy. This will give them time to move out of the property.
You will have to contact a bankruptcy attorney and discuss your financial situation with him. In order to file Chapter 7 bankruptcy, you'll have to clear the Means test. You need to check out if your average monthly income for the last 6 months prior to filing is lower than the state median income for a family of your size. This will let you know whether or not you would be able to clear the Means test.
As far as your renters are concerned, you should inform them that you are planning to file bankruptcy. This will give them time to move out of the property.
you're not making any money from your job - you said that.
if you close your business, you won't make any money from the job.
if you're not making money now, and you won't make any money in the future, then there's really not much difference. bankruptcy would seem to a pretty reasonable thing to consider.
as for your rental - your tenants shouldn't be contaminated by your bankruptcy filing. they could continue to live there, pay you rent and have life go on.
if you close your business, you won't make any money from the job.
if you're not making money now, and you won't make any money in the future, then there's really not much difference. bankruptcy would seem to a pretty reasonable thing to consider.
as for your rental - your tenants shouldn't be contaminated by your bankruptcy filing. they could continue to live there, pay you rent and have life go on.
