business owner can file ch7

[iam1201]

i own small sandwich shop, my husband and i work there. i want to file ch7, but can i keep the business?

[nodough]

Are you a sole prop? If so then it depends on your business assets. We also have a small business and are sole prop and are filing chapter 7. The only business asset that we have is my husbands work truck and it will fit into a wildcard exemption. Do you own the building where your shop is or do you lease?

[iam1201]

Are you a sole prop? If so then it depends on your business assets. We also have a small business and are sole prop and are filing chapter 7. The only business asset that we have is my husbands work truck and it will fit into a wildcard exemption. Do you own the building where your shop is or do you lease?

we do lease this place, county asseor assesed $100000.00 my debt $60000.00 this business under c-corp. and it's under my husband only... we do not have any other income other then this store...

[nodough]

I really don't know anything about c-corp at all. Sorry. I'm sure someone else on here has some experience though. You could also search the forum for c corp. Our business is our only income too so I know how you feel. Good luck to you.

[HHM]

Yes, you can file BK. In fact, it is rather common for the owner to file BK. In small business situations like this, there is little risk to the business.

[iam1201]

Yes, you can file BK. In fact, it is rather common for the owner to file BK. In small business situations like this, there is little risk to the business.

so, i might go for ch13, now i have a question.. my business does not have any loan, when i open business, i had a sba loan with my brother's garunteed sign because my home does not have equity, bank liened my brother's property. he sold his property last year, he had to pay my sba in order to close escrow, and he did not lien to my business.. now he found out i might file BK, he wants to lien, should i let him do it or after i file BK and he can do it. i heard i can convert ch13 to ch7 later, if he lien on business, can i convert later?

[iam1201]

so, i might go for ch13, now i have a question.. my business does not have any loan, when i open business, i had a sba loan with my brother's garunteed sign because my home does not have equity, bank liened my brother's property. he sold his property last year, he had to pay my sba in order to close escrow, and he did not lien to my business.. now he found out i might file BK, he wants to lien, should i let him do it or after i file BK and he can do it. i heard i can convert ch13 to ch7 later, if he lien on business, can i convert later?