Own a businesss

[shrintexas]

Thinking about chapter 7. I own my own business, which I know may be taken from me (home business).
When would I be able to open my business up, using a new name, for NEW business only, not transfering old, which I know I can't do.

[Tromploi]

Why do you think your business will be taken from you?

[shrintexas]

My attorney has told me that it probably will.

[Tromploi]

Well maybe I am missing something, or your post is too vague but we own 3 businesses between us, husband and I and we aren't losing any of them?

[kathy4530050]

Hi--I'm a business owner too and posted an question regarding gross vs. net income and StartingOver08 included this info in their response to me:

"If you have debt in the LLC name, you many need to close the business after you file and re-open as another LLC.

I only say this if you have debt that was incurred by your LLC and personally guaranteed by you. Once you file and get discharged from a personal Ch 7, the debt is eliminated against you personally, but still remains against the LLC. So, the creditor can get a judgment against the LLC and when you deposit funds into the LLC account, sieze the funds."

I don't believe that I have any debt incurred by my business and personally guaranteed by me, so I should be safe. I hope you are in the same boat.