Filing for BK and being selfemployed?

[Toby34]

How does filiing for Bankruptcy effect being selfemployed?

I own my own business, graphics/shirt printing/sign business. I ahve been in business for officially 2+ years. I just went full time, 2 months ago.

It was one of those moments where, if I didn't i was going to loose my business. I couldnt' keep up with orders.

I'm bringing home just a few hundred a month so far, but with a new business which I feel it is, it's typically like that anyway.

I just want to make sure that they can't take my business from me. I mean other then my computer, I have about $1500-2000 in equipment and supplies. So it's not like a gold mine or anything.

My wife is a teacher.

[LostOne0069]

How does filiing for Bankruptcy effect being selfemployed?

I own my own business, graphics/shirt printing/sign business. I ahve been in business for officially 2+ years. I just went full time, 2 months ago.

It was one of those moments where, if I didn't i was going to loose my business. I couldnt' keep up with orders.

I'm bringing home just a few hundred a month so far, but with a new business which I feel it is, it's typically like that anyway.

I just want to make sure that they can't take my business from me. I mean other then my computer, I have about $1500-2000 in equipment and supplies. So it's not like a gold mine or anything.

My wife is a teacher.

It's not really any different. In a chapter 7 you'll need to find a way to exempt your computer and equipment... but that shouldn't be too hard to do. Most states have an exemption for "tools of the trade" that kind of thing. I'm a professional computer nerd and exempted a couple of computers that way.

You'll also probably be looked at more closely than someone with a "normal" job... or at least that seems to be the typical experience of those I see post here who are self employed. It's like the bk trustees feel that if you're self employed that you're more likely to try hiding income or assets. But as long as you're above board about everything you should be fine.