Expert: Terry Leeders - 4/25/2008

Question
hello, i am going to have to file a chapter 13 i think.  but my business license has been suspended and i still need to work and run a business to make money.  i have heard other people just start another business all the time but i have been researching this locally and everyone tells me it will just be a continuation of my existing business and it won't work.  also i don't think they will let me start another business with judgements against me.  also i don't think i can get another bond with judgements against me.  i'm an s-corp.  any help would be greatly appreciated.  thanks, mike

Answer
It sounds like you need to meet with a local bankruptcy attorney to see what options you have.  A chapter 7 can clear out any personal guarantees you may have. If the business has assets, then you may need to liquidate them to pay some creditors.  A chapter 13 would come down to monthly income available and what assets you need to protect, so go meet a local bankruptcy lawyer to help design your case correctly to get you the best relief available.