Can bankruptcy save our business? How? 13 Answers as of August 05, 2015

We have a small (1 truck) trucking company. We have only been in business for 7 months and are trying to recover from a couple of bad months of income. If we file for bankruptcy would it be possible the we could keep the truck and trailer and stay in business ?

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GARCIA & GONZALES, P.C.
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Meet with an experienced bankruptcy lawyer face to face to get your questions answered. I would have about 50 to 60 questions to ask you before I could give you any legal advice. Its like calling a doctor on the phone (a doctor you have never met) to complain about a headache. Without getting a complete medical history from you, it would be impossible to tell you whether to take a couple of aspirin, or to advise you that you may need brain surgery. Any lawyer worth their salt is going to charge you for the consultation. Now is not the time to skimp. You have a lot at stake. Good luck!
Answer Applies to: Colorado
Replied: 8/5/2015
A Fresh Start
A Fresh Start | Dorothy G Bunce
It depends on how you have structured your business. If you are a sole proprietorship, it is likely the Trustee will shut down your business. If you really believe that the business can be turned around, you should wait to file bankruptcy. After all, if you file bankruptcy and the business continues to bleed money, what will you do then? You can only obtain a discharge in a Chapter 7 case once every 8 years. Bankruptcy exemptions provide for a limited amount of protection of business assets, so filing might result in these assets needed to continue the business being seized by the Trustee.
Answer Applies to: Nevada
Replied: 8/5/2015
Law Offices of Joseph A. Mannis
Law Offices of Joseph A. Mannis | Todd Mannis
Depends on a host of other factors - value of the truck, income/expense figures, how is the business insured, etc. I suspect you could file but too little info to give you a firm answer.
Answer Applies to: California
Replied: 8/5/2015
Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
It is distinctly possible. But the costs of doing a chapter 11 case can be high. Consults an experienced bankruptcy lawyer in your area to see if you can do a chapter 13 which will include your business. This requires some ingenuity, but it sometimes can be done, and it is far less expensive then a chapter 11.
Answer Applies to: Wisconsin
Replied: 8/4/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
Possibly. You need to seek out competent advice from a local lawyer. You may find one at NACBA.ORG.
Answer Applies to: California
Replied: 8/4/2015
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Yes but facts are needed
    Answer Applies to: Michigan
    Replied: 8/4/2015
    Garner Law Office
    Garner Law Office | Daniel Garner
    The typical chapter 7 bankruptcy requires shutting down and liquidating a business. If the bankruptcy trustee can be convinced that s/he has no real legal exposure while supervising your estate, because you have sufficient insurance, then you might be able to keep the business going depending on how much equity you have in your truck and trailer. Otherwise, you probably would have to file under chapter 13 and make monthly payments to the trustee for 3 to 5 years. Chapter 13 allows you to reschedule your debts while keeping a business going.
    Answer Applies to: Oregon
    Replied: 8/4/2015
    Mauritz Van Niekerk, Attorneys at Law
    Mauritz Van Niekerk, Attorneys at Law | Christiaan van Niekerk
    Ut depends what kind of business it is, is it a dba or llc?
    Answer Applies to: New York
    Replied: 8/4/2015
    Ronald K. Nims LLC | Ronald K. Nims
    Yes, it's possible that Chapter 7 or Chapter 11 bankruptcy might save this business. However, without more facts, I can't tell if bankruptcy is the right step.
    Answer Applies to: Ohio
    Replied: 8/4/2015
    Stephens Gourley & Bywater | David A. Stephens
    If you file for chapter 11 you may be able to save the business.
    Answer Applies to: Nevada
    Replied: 8/4/2015
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Perhaps, you should be consulting with the bankruptcy attorney as quickly as possible.
    Answer Applies to: Michigan
    Replied: 8/4/2015
    The Orantes Law Firm
    The Orantes Law Firm | Giovanni Orantes
    If your business is already a self-proprietorship, you can reorganize through Chapter 13 without having to dissolve or the like (though unintended consequences of dissolution need to be studied and weighed against its benefits before dissolving the entity). Otherwise, you may need a Chapter 11 reorganization.
    Answer Applies to: California
    Replied: 8/4/2015
    Law Office of Barry R. Levine | Barry R. Levine, Esq.
    Quite possible. Speak to an experienced bankruptcy attorney to find out.
    Answer Applies to: Massachusetts
    Replied: 8/4/2015
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