Can bankruptcy save our business? 12 Answers as of February 10, 2011

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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Ferguson & Ferguson
Ferguson & Ferguson | Randy W. Ferguson
Of course. We do it in most cases.
Answer Applies to: Alabama
Replied: 2/10/2011
Law Office of Larry Webb
Law Office of Larry Webb | Larry Webb
Bankruptcy can be like the reset button on your computer, except you can only use it once every eight years. Your question doesn't provide enough information for good answer. Bankruptcy provides a fresh start, but seven months is not very long to already be considering bankruptcy for a fresh start.
Answer Applies to: California
Replied: 2/10/2011
William C. Gosnell, Attorney at Law
William C. Gosnell, Attorney at Law | William C. Gosnell
Yes hire a lawyer.
Answer Applies to: Tennessee
Replied: 2/10/2011
The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
It's possible that bankruptcy can help, but there's no way to know without having a comprehensive consultation with a bankruptcy attorney. It will depend on whether the business is a corporation or just a dba of yours, what kinds of debts it needs to deal with, etc.
Answer Applies to: California
Replied: 2/9/2011
Carballo Law Offices
Carballo Law Offices | Tony E. Carballo
Yes, it is very much possible that you can keep the truck and trailer and stay in business. It all depends on the value of the truck and trailer. If you can exempt both then no problem. If the value is more than you can exempt then you may have to file a Chapter 13 to keep the truck and trailer and pay any excess value in a Chapter 13 Plan over up to five years. You need to discuss your situation with a local bankruptcy lawyer to see whether either Chapter 7 or 13 would be appropriate in your case. If you have employees generally you cannot operate a business in Chapter 7. However, if you and your husband are self-employed owner-operator then Chapter 7 would not be a problem if otherwise you qualify.
Answer Applies to: California
Replied: 2/9/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    It is possible, but you NEED to see a lawyer.
    Answer Applies to: California
    Replied: 2/9/2011
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    It is possible but you might want to consult with an attorney.
    Answer Applies to: California
    Replied: 2/9/2011
    Cohen & Kendziorra, P.A.
    Cohen & Kendziorra, P.A. | Robert S. Cohen
    Yes, you can stay in business when you file bankruptcy and keep most if not all your property depending on what chapter bankruptcy you file.
    Answer Applies to: Florida
    Replied: 2/9/2011
    DiManna Law Office, LLC.
    DiManna Law Office, LLC. | Dawn DiManna
    It might be, you would have to provide more details. You might be able to do a reorganization.
    Answer Applies to: New Hampshire
    Replied: 2/9/2011
    Law Offices of Michael J. Berger
    Law Offices of Michael J. Berger | Michael J. Berger
    I need more information to see if bankruptcy is right for you. Please call me for a free consultation.
    Answer Applies to: California
    Replied: 2/9/2011
    Uriarte & Wood, Attorneys at Law
    Uriarte & Wood, Attorneys at Law | Robert G. Uriarte
    It depends. If you are operating as a sole proprietor (as opposed to a corporation or LLC) you may be able to salvage your trucks depending on their current value. You need to set up an appointment with counsel to see how best to proceed. In most cases, the consult is free, so get in and talk to a lawyer as soon as possible.
    Answer Applies to: California
    Replied: 2/9/2011
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